Ukraine central bank keeps compulsory 50% sale of FCY proceeds

Ukraine central bank keeps compulsory 50% sale of FCY proceeds



14 грудня 2017 года
Конкорд Капитал

The National Bank of Ukraine (NBU) decided at its semiannual review on Dec. 13 to keep the requirement on business of the compulsory sale of 50% of foreign currency (FCY) proceeds, the NBU board reported on its website. This current level remains an efficient instrument for securing smooth FCY inflow and thus an important instrument for ForEx stability, the statement said.

Recall in April, the NBU lowered the required level of compulsory sales to 50% from 65%. In May, the board preserved this level at its extraplenary session.

Alexander Paraschiy: The national currency is experiencing gradual depreciation pressure amid higher fiscal spending and in line with a widening trade deficit. The hryvnia has lost 6.7% since Aug. 21, falling to UAH 27.27/ USD from UAH 25.44/USD.

What’s more, we expect the hryvnia to fall further to UAH 28.5/USD in the upcoming weeks owing to the government's traditional year-end fiscal spending surge. So the decision to keep the level at 50% makes sense. We expect liberalization moves after depreciation pressure eases.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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