The National Bank will maintain the current fixed dollar exchange rate for the time being. what is the reason?

This was stated by Deputy Chairman of the NBU Yury Geleti in an interview with Forbes.

“We simply knew it at the time. A fixed exchange rate helps curb price appreciation and cater to the economy that is slowly recovering. Then we will monitor the market situation.”– He said.

According to Geliti, the National Bank of Ukraine is ready to consider refusing to fix the exchange rate under a number of conditions. In particular, the hot phase of the war is stopped, the stability of foreign exchange earnings and the improvement of the financial market situation.

What’s before?

On May 21, the NBU raised the rate limit on the cash rate. The National Bank believes that these steps will improve the working conditions of legal institutions in the market that sell currency and reduce the number of illegal transactions.

“We see that the liberalization of the money market rate has rapidly increased competition in it. The gray market exchange rate is declining after the speculative wave that arose right after our decision. People will carry money to banks instead of illegal money changers”– explained Yuri Giliti.

According to the website of the Ministry of Finance, as of May 26, the exchange rate on the “black market” was 36.6 kcal per dollar per sale. On May 22, it was 38.5 UAH to the dollar.

In April, the deputy head of the NBU, Sergei Nikolaichuk, said that the hryvnia against the dollar would remain frozen until the end of the war.

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