The national Bank of Ukraine (NBU) explains the depreciation of the hryvnia, in September the growth of demand of energotrader for foreign currency. This is stated in the macroeconomic and monetary review on the regulator’s website.
During the month the exchange rate of hryvnia to US dollar depreciated by 3.7% (however, compared to the beginning of the year the hryvnia exchange rate appreciated by 2.5%).
“Devaluation pressure on the hryvnia in September was mainly seasonal, which is caused by traditional growth of demand for foreign currency from oil and gas traders, which increased with a moderate increase in oil prices on the world market”, – said the NBU.
In addition, the decreased supply of cash currency by citizens, while the growth of demand, largely also due to a seasonal deterioration in the exchange rate expectations of the population.
The NBU carried out operations on sale of foreign currency to smooth excessive exchange rate fluctuations.
The negative balance of operations of the NBU sale of foreign currency in September was almost $166 million (YTD net purchase amounted to $1.5 billion).