There are no grounds for currency panic – the head of the NBU Council.
The National Bank believes that in the conditions of war the country's market needs discipline, as well as compliance with legislation and regulatory acts. This was the main reason why the NBU made a decision regarding exchange points. Bohdan Danylyshyn, Chairman of the Council of the National Bank of Ukraine, announced this on his Facebook page.
“The National Bank believes that shaking up the situation with the cash rate during the war in order to obtain an additional margin in the segment where the population buys currency is unacceptable “, he wrote.
He also added: “In the given conditions, this is a justified step.”
The chairman of the NBU Council also believes that “there are no grounds for currency panic now, the situation is gradually normalizing, the balances are equalizing.” Danylyshyn noted that after the NBU “adjusted” the official exchange rate by 25% to 36.6 hryvnias per dollar on July 21, the first week already showed positive effects.
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“If the country's foreign exchange reserves decreased by 6 billion dollars in January-May, only during the last week the net purchase of foreign currency by the National Bank amounted to 650 million dollars. Adjusting the exchange rate to the changed conditions does not mean instability,” he wrote.
Read also: The National Bank calculated how much the Ukrainian economy lost due to the drop in export-import
Previously The National Bank calculated how much the economy of Ukraine lost due to the drop in export-import. In addition, as the regulator noted, the net increase in the external position of the country's banking system in terms of operations with portfolio and other investments amounted to $1.9 billion. It was caused by the increase in the external position under the item “currency and deposits” by $1.7 billion and net purchase by banks of securities of non-residents for $16 million.
