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The fall of the hryvnia, the NBU explained the “seasonal downturn”

The building of the National Bank of Ukraine, archival photo
Photo from open sources

The depreciation of the hryvnia due to seasonal slowdown in business activity. This is stated in the report of the National Bank.

“In the first post-holiday days on the interbank market came to sell foreign currency revenue that was accumulated during the Christmas weekend in Ukraine, which coincide with the working days in the US and Europe. But this factor was temporary. Now lower than in previous months, the supply of currency causes the traditional first months of the year a seasonal decline in business activity, which, in particular, is a somewhat smaller inflow of revenue from exports of the crop agricultures, which were the main source of foreign currency in the autumn months. At the same time, the principal source of foreign exchange earnings gradually takes over steel exports . This also contributes to the global pricing environment due to rising steel and iron ore,” – said the Deputy head of the national Bank of Ukraine Oleg Churiy.

According to him, under such conditions, the controller is ready to enter the market with currency intervention to smooth excessive fluctuations and has enough tools for this.

According to the NBU, the volume of international reserves at the beginning of January was 15.5 billion dollars.

“That’s enough for sales of the currency during the intervention, and to perform the obligations of the government and the NBU,” – said in the national Bank.

Related news: Cash exchange rate on 13 Jan: the dollar – 28,00-28,80 UAH, Euro – 29,30-30,60 UAH

Recall that the exchange rate of the hryvnia on the interbank market remains extremely volatile. Today the national currency on the interbank market reached a level of 27.26 UAH per dollar.

Related news: the NBU has announced the auction for the sale of up to $ 100 million for course correction

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