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Intl reserves enough to fix hryvnia exchange rate at current level – NBU
KYIV. Sept 8 (Interfax-Ukraine) – A one-time correction of the hryvnia official exchange rate and additional measures taken by the NBU to ease the depreciation pressure helped reduce imbalances on the FX market and, coupled with large amounts of international financial assistance, this allowed increasing international reserves, the central bank has said.
"Ukraine’s international reserves are sufficient to keep the exchange rate fixed at the current level, taking into account the prospects of receiving the official financing from international partners, a gradual setting up of logistics, and a respective increase in export earnings," the NBU said in a press release on Thursday.
The regulator said that Maintaining stability of the exchange rate remains an important precondition for stabilizing expectations and keeping inflation processes under control. This is, in part, evidenced by lower volumes of NBU interventions to sell foreign currency in the past months.
As reported, Ukraine’s international reserves as of September 1, 2022, according to preliminary data, amounted to $25.436 billion (in equivalent), growing by 13.6% in August.
From July 21, the National Bank devalued the official hryvnia exchange rate against the dollar by 25% to UAH 36.5686/$1.
