The NBU named the reasons for hryvnia rate fluctuations

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The NBU named the reasons for hryvnia rate fluctuations

05.07.2021 News

Last month, the demand for foreign currency increased and the hryvnia exchange rate adjusted. This is stated in the macroeconomic and monetary review of the National Bank in June.

It is noted that for most of June 2021 in the foreign exchange market supply exceeded demand. This took place against the background of favorable external price conditions and the resumption of interest of non-residents in hryvnia IGLBs.

“However, at the end of the month, situational factors (significant budget payments, increased volatility in global financial markets) led to an increase in demand for foreign currency and the correction of the hryvnia exchange rate,” the review said.

To smooth out excessive fluctuations, the NBU conducted both foreign currency purchase and sale transactions in June. The regulator’s net purchase of currency was $ 600 million.

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