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National Bank sells $238m in one day to support hryvnya

It explains the slump with “market participants’ sentiments turning for worse due to the global spread of coronavirus”.

National Bank sells $238m in one day to support hryvnya
Photo: Max Trebukhov

The National Bank of Ukraine (NBU) sold $238m in the interbank foreign exchange market on 16 March to contain the devaluation of the hryvnya.

"Today the National Bank continued to hold interventions by selling foreign currency to even out excessive fluctuations caused by market participants’ sentiments turning for worse due to the global spread of coronavirus. A total of $238million was sold for this purpose," the NBU said in a statement on Facebook.

During the trading day, the NBU held an auction to sell foreign currency in the interbank foreign exchange market, with the average weighted exchange rate reaching 26.54 hryvnyas per dollar.

After lunch, the hryvnya exchange rate ranged from 26.55 to 26.70 hryvnyas per dollar.

The bank noted that having sufficient reserves of more than $25b, it will continue, if necessary, to conduct foreign exchange interventions to even out excessive fluctuations.

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