Since the beginning of the week, the National Bank of Ukraine has sold $ 840 million on the interbank market to smooth out exchange rate fluctuations. The key factor in the foreign exchange market is the psychological factor.
On March 12, the National Bank of Ukraine sold more than $ 220 million in the interbank foreign exchange market to smooth out excessive exchange rate fluctuations. This was reported by the regulator on Facebook.
At the opening of the interbank NBU held its first auction in 2020 to sell foreign currency.
“Despite the announced auction volume totaling $ 200 million, the total volume of bids from market participants amounted to only $ 86.4 million, of which $ 75.9 million were satisfied. The average rate at the auction amounted to 25.81 UAH / $ “- said the regulator.
The auction did not satisfy the demand for currency, so the NBU continued the intervention and sold almost another $ 150 million.
“This supported the market quotes at the level of UAH 25.8–26.0 / $. Thus, the National Bank did not change the general trend that formed the market, but only smoothed out excessive fluctuations,” – the message says.
In general, this week the National Bank has already sold to support the hryvnia exchange rate. $840 million
The NBU emphasized that the psychological factor is now considered the key in the foreign exchange market.
“The demand for foreign currency is mainly generated by the population and domestic importing companies. At the same time, exporters have reduced the sale of their earnings. However, this situation does not reflect fundamental trends in the economy, as Ukrainian exports continue to grow, and prices for imported energy are reduced “, – explained in the central bank.
The National Bank noted that Ukraine’s international reserves exceed $ 26 billion, therefore, if necessary, the regulator is ready to carry out interventions to sell foreign currency.
On the morning of March 10, after a record-breaking drop in oil prices and a collapse in global financial markets on Monday, the hryvnia against the dollar fell to 25.2725 UAH / $ at the opening of the interbank market, to a minimum since September 2019, after which the NBU began to enter the interbank market with interventions .
At the opening of trading on March 12, the purchase rate made up 25.8000 UAH / $, upon sale – 25.8400 UAH / $, at the close – 25,9900/26,0100 UAH / $.
Since the beginning of the month, the dollar on the interbank market has risen in price by UAH 1.25, writes LIGA.net.
March 12th The National Bank of Ukraine has established the official hryvnia rate is at 25.62 UAH / $ (compared to the previous day, the national currency fell by 31 kopecks.).