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NBU explains hryvnia devaluation by decline of exports

NBU explains hryvnia devaluation by decline of exports

KIEV: The decline of the hryvnia exchange rate is linked to the traditional for the first months of the year season fall in business activity and revenue from export of grain crops, the main source of foreign currency in autumn, has fallen, Deputy Governor of the National Bank of Ukraine (NBU) Oleh Churiy said, commenting on the situation on the market. “In these conditions the National Bank is ready to enter the market with currency interventions to smooth extra fluctuation [of the exchange rate] and the central bank has enough tools for this,” the NBU said on Jan. 13, citing Churiy. He said that the central bank announced an auction to sell up to $100 million on Jan. 13.