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News / 7 February 2014 | 12:28
NBU taking measures to combat speculators

NBU taking measures to combat speculators

There is no reason to believe that destabilization of the currency market may be a long-term trend, governor of the National Bank of Ukraine Ihor Sorkin told a briefing, ForUm correspondent reports.

According to the banker, the NBU, nevertheless, decided to introduce a range of regulatory measures to normalize the situation. "Overall, we are confident that in the near future, a short-term surge in demand for foreign currency will weaken, and the market will begin to work in the narrower corridor of exchange rate fluctuations. How soon this will happen depends, including, on our joint actions," he said.

According to Ihor Sorkin, "all the market participants, the National Bank, commercial banks, creditors and depositors of banks, are in the same field and are interested in a stable financial sector". 

"We have already experienced a similar situation, but we have always found a way out. I think that today's situation is no exception. Excessive overreaction to what is happening, a currency hype, is a benefit for speculators. In this situation, only they win, so do not succumb to their influence. Moreover, upon this moment, the NBU strengthens monitoring and control over market dynamics to reduce speculation," governor of the National Bank says.

He noted that the regulator introduces temporary control rules designed to stabilize the market.
"First of all, these rules are aimed at increasing transparency of interbank transactions by legal entities. And now there is a positive effect of these rules. While improving the situation, these temporary regulations will be cancelled. As always, the NBU is an active operator in the foreign exchange market to fulfill its primary function," Sorkin said.

According to him, in recent years, the banking system of Ukraine has accumulated enough experience and a margin of safety, and the NBU has all the tools to resolve the short-term market volatility.

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