Foreign exchange market

Government agreed with banks to stop speculations on the forex


President of Ukraine Petro Poroshenko, Prime Minister Arseniy Yatsenyuk, NBU Governor Valeriya Hontareva and heads of the banks have agreed at today’s meeting to stop all speculations on the foreign exchange market of Ukraine, announced Yatsenyuk at a session of the Cabinet.

«There are good grounds to stop inadequate dollar upswings... Over the past three months US $14.3 bn was sold, while imports dropped 33% this year compared with the same period the previous year. Naftogaz did not even come to market,» emphasized the premier.

He added that the trade balance serves as the main indicator of exchange rate. «Last year the trade balance amounted to minus US $6 bn, this year — plus US $1 bn. I do not have an explanation other than it is the panic on the one side and the speculations on the other,» announced Yatsenyuk. Today Minister of Finance of Ukraine Oleksandr Shlapak has predicted stabilization of hryvnia exchange rate this week.

Over the past few days exchange rate of hryvnia against dollar dropped to UAH 14.90/ US $1.

Source: RBC-Ukraine
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