Currency market has been stabilized in Ukraine, NBU

Currency market has been stabilized in Ukraine, NBUNational Bank of Ukraine has noted that forthcoming IMF tranche will have a positive effect on a currency market, UNIAN.

The situation on the currency market in Ukraine has stabilized and excessive demand for the currency is almost completely satisfied, according to the deputy head of the National Bank of Ukraine Oleg Churiy.

Churiy said: "We believe that the situation today has stabilized. That excessive demand, which entered the market in late August - early September, has almost completely been covered at the expense of the hryvna devaluation and at the expense of fluctuations smoothing via interventions conducted by the National Bank."

According to him, from the end of August NBU has performed 7 interventions, during which the market has sold about $200mln.

The deputy head of NBU said: "As of today the situation has stabilized. We believe that in the nearest future revenues from the agricultural products sale will rise. In August was a seasonal factor, as an increased demand for the currency, and the currency of the new crop has not yet been received.

"Rising currency revenues contribute to further stabilization of the situation," he added.

He also noted the expecting IMF tranche will positively affect the currency market that normally soothes the fluctuations.
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