The National Bank of Ukraine (NBU) sold $134.6 million in a foreign exchange auction on Sept. 25.
The bank can facilitate the sale of up to $200 million if the need were to arise. Out of 51 bids, only one was not satisfied with the exchange rate at 12.95 Ukrainian Hryvnia to every U.S. Dollar.
According to Valeria Gontareva, the governor of the NBU, the exchange rate is of great benefit to Ukraine's economy due to its impact on the balance on payments and ability to ensure economic security in Ukraine.
The auction was open to all banks and each bank had no limit on how many bids they could attempt as long as the bids did not fall under $500,000. Banks that failed to remit funds required prior to the start of the auction were not allowed to participate.