The National Bank believes that the situation on the foreign exchange market in March was controlled and exchange rate fluctuations were moderate.
National Bank of Ukrainenamed the reasons for the recent increase in the dollar exchange rate.
The press service of the financial institution reports on this.
“Together with the depletion of the effects of selling currency to pay annual taxes, this influenced the growth in demand for currency. As a result, the hryvnia weakened,” the report says.
At the same time, the situation on the foreign exchange market remains controlled, and exchange rate fluctuations are non-threatening.
“The NBU will cover the structural deficit of the currency in the market, thanks to which the hryvnia will be able not only to weaken, but also to strengthen, as it was in previous periods,” the department noted.
“The difference between the cash and official exchange rates now is 0.7%, which is less than in previous periods. Both factors increase the stability of the foreign exchange market of Ukraine,” the NBU added.
The NBU explained the deterioration in the balance of demand and supply of currency:
- revival of spring field work, which traditionally increases the demand for foreign currency from importers of fertilizers and plant protection products
- increasing need for energy imports, in particular due to the intensification of attacks on the energy sector
- intensification of budget expenditures with the receipt of significant volumes of international assistance in the second half of the month
- completion of the period for paying annual and quarterly taxes
Will the hryvnia continue to strengthen, what is happening in the market now what to expect this week, whether it is worth investing in currencies, what is more profitable: the euro, dollar or other options, read in the weekly analytical project of the website TSN.ua.
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