The National Bank of Ukraine expects an increase in foreign exchange earnings from exporters in the coming months, as farmers have begun an active phase of exporting crops and the supply of foreign exchange is likely to increase, ZN.UA reports, citing the chairman of the National Bank Kyrylo Shevchenko, as saying.
“Since the beginning of September, the NBU has spent more than USD 200 million from reserves to smooth out exchange rate fluctuations in the foreign exchange market. There are several reasons why the demand has increased. In particular, we have seen a revival from importers. And another more objective reason – the Ministry of Finance carried out the redemption of bonds of non-residents,” the statement reads.
According to Kyrylo Shevchenko, regardless of where the rate moves, the regulator will not disrupt the market trend and will continue to smooth out only increased exchange rate fluctuations, if necessary.
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