Deputy Chairman of the National Bank of Ukraine Oleh Churiy explained the rapid decline in the exchange rate, Interfax-Ukraine reported.
According to Churiy, the strengthening of the hryvnia and the depreciation of foreign currencies in Ukraine is a natural process, which is explained by the high supply of currency in the market.
“Fundamental factors determine the excess supply of currency in the Ukrainian market. Under such conditions, strengthening of the hryvnia is a natural process,” Churiy said.
He noted that the hryvnia is strengthened because of large yield and volumes of grain exports, foreign investments in government debt bonds and significant volumes of transfers of funds of Ukrainian labor migrants.
As The Journalist reported, NBU suffered UAH 12.3 bln loss due to strengthening of hryvnia.