The NBU explained the growth of the dollar by Christmas

В НБУ пояснили рост курса доллара Рождеством

The National Bank Of Ukraine

The market is also affected by the budget VAT refund exporting companies.

The national Bank of Ukraine explained the excessive demand for currency on the interbank market, the coincidence of two temporary factors – the Christmas holiday in the US and Europe and rising demand for foreign currency on the background of the receipt by the exporting companies VAT refund. Holidays in the United States and Europe to limit the supply of currency in the market, said the Director of the Department of public markets, the NBU Serhiy Ponomarenko.

“Mandatory sale of foreign currency receipts banks are obliged to implement the next day after receipt of currency. Accordingly, when the working day in Ukraine on 26 December coincided with weekends in the USA and Europe, foreign currency earnings to the accounts of Ukrainian banks were reported to limit the mandatory sale of foreign currency 27 December”, – stated in the message of the national Bank in Facebook.

Ponomarenko said that on the other hand, the currency market pushing the demand for currency by exporters who received VAT budget refund on the past and current week.

The NBU added that the regulator has enough reserves to smooth excessive fluctuations: the volume of international reserves currently is around 15.7 billion dollars.

Recall, the NBU 27 Dec 2016 has strengthened the hryvnia exchange rate compared to the previous banking day to 26.37 per dollar.

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