The National Bank announced the reason for the collapse of the hryvnia

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The National Bank announced the reason for the collapse of the hryvnia

03.11.2020 News

The defining reason for the depreciation of the hryvnia against the dollar and the euro in the third quarter was the deterioration of business expectations.

Deteriorating expectations created increased demand for the currency, which turned out to be higher than supply. This contributed to the devaluation pressure in the foreign exchange market in the III quarter, according to the NBU.

As a result, the official exchange rate of hryvnia to the dollar at the end of the third quarter fell by 6% compared to the end of the second quarter. Since the beginning of the year, the hryvnia has devalued by almost 20%.

According to the NBU, the largest net buyers of foreign currency in this period were importers of household goods and car traders, foreign investors in the domestic government bond market and foreign direct investors who issued dividends.

Currency purchase transactions on the terms of forward contracts also increased. In the third quarter, the NBU both bought and sold currency on the interbank market.

Since the beginning of the year, the positive balance of NBU operations on the interbank market has remained: net purchase is about $ 1 billion.

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