Recent Posts
- Ukraine recovery should be based on development of territorial communities, innovations, involvement of professional domestic community – results of ESUR forum 29.06.2023
- Ukraine repatriates five more seriously wounded Russian POWs 10.04.2023
- Rada intends to include history of Ukraine, foreign language in final certification for general secondary education 10.04.2023
- Rada terminates protocol on joint anti-terrorist measures in CIS territories for Ukraine 10.04.2023
- 100 Ukrainians, incl defenders of Mariupol, returned according to swap procedure – Yermak 10.04.2023
NBU proposes to calculate hryvnia official, reference rate based on agreements with volume of $100,000 to $5 mln
KYIV. Oct 29 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) will propose to refuse to cut off transactions, the volume of which is more than two standard deviations from the arithmetic mean of a number of transactions, and instead calculate the official and reference rate of the hryvnia based on agreements with the most relevant volume for the Ukrainian interbank FX market, in particular, in the amount of $100,000 to $5 million, the press service of the regulator has said.
The changes to the NBU regulation were supported at the meeting of the committee on oversighting indicators of the money and foreign exchange markets of Ukraine, held on July 15, 2021, and at the meeting of the contact group of the money and foreign exchange markets on August 2. They were published on the website of the central bank and proposed for discussion until November 28.
The parameters of the most relevant volume of transactions in the future may be revised if the changes in the foreign exchange market are introduced.
In addition, the NBU proposes to change the time of data collection for calculating the official exchange rate of the hryvnia to foreign currencies from 15:30 to 15:00 Kyiv time and to start publishing the official hryvnia exchange rate before 15:30 instead of the current time – before 16:00 Kyiv time.
The document also proposes to determine the procedure for calculating the reference rate of the hryvnia to the U.S. dollar in special conditions in a similar way to the existing mechanism for calculating the official hryvnia to the U.S. dollar under special conditions and to set the control time for the available number of transactions – 11:30 Kyiv time.
According to the report, these changes will reduce the loss of data when calculating the official and reference exchange rate of the hryvnia to the U.S. dollar at the stage of cutting off transactions with extreme parameters, will increase the convenience of using the official hryvnia exchange rate to foreign currencies as a benchmark when settling transactions on the day of its establishment – due to the change in the time of data collection for its calculation and publication.
In addition, they will provide the definition of a mechanism for calculating the reference value of the exchange rate of the hryvnia to the U.S. dollar under special conditions, which is necessary for the implementation of the IOSCO principles.
