Hryvnia at new distressed low

Hryvnia at new distressed low



24 лютого 2015 года
ICU

The hyvnia abruptly dropped 10% at the FX market open yesterday, hitting a midday low of 31/USD, before the NBU announced new administrative measures to stop the freefall. Measures include banning businesses from borrowing to buy FX, essentially curtailing imports, which will have a severe impact on businesses heavily reliant on imports. In our view, the FX market now faces a range of regulation that narrows FX speculation and maneuvering. With the hryvnia at 31 per dollar now appearing highly competitive (Chart Chart 15, p.8), the NBU's new measures could result in a new US dollar pegged rate.

Источник: ICU

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