UAH's weakness extends another day

UAH's weakness extends another day



5 листопада 2015 года
ICU

Yesterday, the hryvnia slid 0.3% to the weighted average rate of 23.08/USD on US$182.17m turnover. Again, the NBU did not hold an FX auction to sell USD from NBU reserves to market participants. Having accumulated a cushion of FX reserves over the previous two months by buying US dollars when the supply was high due to agriculture export proceeds, the NBU now appears highly reluctant to sell dollars back to the market, most likely because of the pending IMF decision to renew lending after the recent stalemate caused by ongoing political differences over the tax reforms between the Ministry of Finance and the parliamentary budget committee whose proposals were deemed by the IMF as unrealistic and unacceptable for the political agenda. Moreover, IMF Chairperson Lagarde spoke by telephone with President Poroshenko, most likely over concerns about the 2016 state budget. The remainder of news in November is likely to be dominated by drama of the ongoing tax reforms. In our view, MPs will eventually approve the budget laws that are approved by the IMF.

Источник: ICU

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