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News / 19 December 2013 | 10:58
Hryvnia will return to exchange rate of early 2013

Hryvnia will return to exchange rate of early 2013

According banking market analysts, the hryvnia exchange rate will soon return to what it was at the beginning of 2013. They reached this concluded after agreements reached by Ukraine's president in Russia and China, as well as on the basis of  analysis of data released by the National Bank of Ukraine (NBU) on the main trends of the currency market of Ukraine in November 2013, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine reports.

In the first 8 months of 2013, the foreign exchange market remained steady with the minimum (600 million USD) level of the National Bank interventions on the interbank market. It did not enter the market throughout the summer, and in May, in order not to provoke hryvnia strengthening, bought 400 million USD.

The same quiet situation has been on the cash market until September. In the first 8 months the population’s demand for cash currency exceeded supply by only 340 million USD.

During the same period of the last year, the private individuals’ net demand for foreign currency was 4.4 billion USD, analysts say.

Since September, the situation on the currency market, both interbank and cash, began to escalate dramatically. However, in September and October increase in demand for foreign currency in total fit into the trends typical for the autumn months for many years. But in November and early December, when the country faced the strongest political crisis in recent years, the National Bank was forced to significantly increase its presence on the exchange market.

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