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Wednesday, April 8, 2020

National Bank of Ukraine, others discuss actions to calm foreign exchange markets

Representatives of the National Bank of Ukraine and managers of 40 major banks met to discuss stabilization of banking and foreign exchange markets on Wednesday, a day after the President and Prime Minister of Ukraine met with senior officers of public institutions at the National Bank.

The talks touched on multiple topics, including issues related to the cash foreign exchange markets and how to stop deposit outflow.

Valeriia Gontareva, the governor of the National Bank of Ukraine, announced that the country’s President has made the task of counteracting rate fluctuations a top priority to ensure the security of the country’s economy.

"With military aggression exerting unprecedented pressure upon Ukraine, devaluation expectations of the population have deteriorated and the task of the National Bank of Ukraine and the government is to offset the impact of emotions on the financial market," Gontareva said.

Gontareva said that the regulator expects a good response from the banking community to the National Bank’s offer of $200 million USD to banks at foreign exchange auctions.

At the same meeting, First Deputy Governor of the National Bank of Ukraine, Oleksandr Pysaruk announced that a Group 4 member bank will be declared insolvent due to its undertaking of risky activities and alleged violations of legislation.

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National Bank of Ukraine

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