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Wednesday, October 17, 2018

Ukraine banks meet to discuss coordination on foreign exchange

The National Bank of Ukraine (NBU) and other banks in the country met to finalize cooperative measures so that the exchange rate in currencies can be stabilized, they announced Tuesday.

Improvements to the economic climate in the country allows banks to implement the measures. The country's GDP, as estimated by the NBU, is expected to shrink by 7 percent rather than the 9 percent previously forecasted.

In order to stabilize the hryvnia exchange rate, the NBU will conduct auctions of sales of foreign exchange for the next three to six months.

Through the winter months, a new agreement with Gazprom JSC is expected improve economic conditions. Also promising is that the country has access to the International Monetary Fund's international reserves to buy imported gas.

"Although, on the one hand, this will result in a shrinkage in the reserves, but, on the other hand, this will enable us to avoid additional pressure on the foreign exchange market," NBU Governor Valeriia Gontareva said.

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National Bank of Ukraine

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