Ukraine central bank buys up USD 275 mln in last four days

Ukraine central bank buys up USD 275 mln in last four days



5 березня 2015 года
Конкорд Капитал

The National Bank of Ukraine (NBU) purchased at the ForEx market USD 275 mln since Feb. 27, the Interfax news agency reported on March 4. Starting Feb. 25, the NBU tightened ForEx regulations to stabilize the national currency, which experienced strong devaluation recently.



Among its key measures, the NBU required importers (who are willing to buy dollars) to provide documented confirmation from state tax services of no tax arrears and increased the time for submitting foreign currency bids to four days (three days previously). The steps tempered demand for foreign currency for about one week.



NBU Head Valeriia Gontareva emphasized that all the foreign currency purchased from the ForEx will be used for market interventions to cover delayed demand.



Alexander Paraschiy: The recent strengthening of the hryvnia to UAH 23/USD from UAH 35/USD on Feb. 26 was the result of removing importers from the market. The measure will have only a temporary effect on the exchange rate, creating substantial delayed demand for foreign currency.



Banking authorities are anticipating an IMF loan, which should arrive next week, and are applying all possible measures to keep the situation under control till March 11.



Nevertheless, we should expect devaluation tendencies returning to the market next week with accumulating importer bids for dollars pressuring the hryvnia.



The IMF loan, if approved next week, would mitigate the hryvnia’s sharp weakening. However, it will hardly prevent the hryvnia from weakening in the next few months unless the government adjusts its spending plan to depend less on hryvnia printing.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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