Banks promise stabilization of currency exchange market and strengthening of hryvna soon

The last new regulations of the National Bank of Ukraine on the currency market, including cancellation of payment restrictions for importers and conducting the auctions for identifying a balanced rate, will facilitate market stabilization and strengthening of hryvna. This opinion was presented to the journalists by the representatives of the largest banks during the round table on the last amendments at the currency market in Kiev. ’We have to be happy about the decision of the National Bank on conducting the auctions for identifying a balanced rate and the cancellation of import restrictions; it will definitely bring the positive results. We already have those who wish to bring their currency offer legally. A day passes or a week, it will definitely happen. And hryvna will be stronger’, - said the Chairman of the Independent Association of the banks of Ukraine (NABU) Roman Shpek. At the same time, according to him, it should not be expected that hryvna could be strengthened by trading on the international banking currency market, while US dollar goes high in the whole world. As explained by the bank officer, excepting trading scale at the international currency market and gold and foreign currency reserves, stability of hryvna depends on the rhythm of export growth and products’ ability to compete. ‘Even 500 milliards of golden and currency reserves do not allow Russians to keep the ruble strong if there is distrust to the economic and political process happening in Russia. Currency is not considered strong only due to the reserves, but also due the state of economy, business and investment climate’, - added the bank specialist.  
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