• 25/06/2024 12:19

The NBU explained the reasons for the devaluation of the hryvnia and the increase in the dollar exchange rate in March

ByJohn Newman

Apr 5, 2024

As of Friday, April 5, the NBU updated the US currency exchange rate, increasing the rate by about 0.8 hryvnia, from 38.2 hryvnia to 39 hryvnia/dollar.

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NBU explained the reasons for the devaluation hryvnia and the increase in the dollar exchange rate in March

Photo – freepik.com

About the situation on the country’s domestic foreign exchange market remains fully controlled, and all such early fluctuations in exchange rates have “gone” to moderate limits, writes NBN, citing the “Macroeconomic and Monetary Review for April 2024”, published on the official page of the National Bank of Ukraine (NBU).

According to analysts of the regulatory bank, the March “price records” for the dollar were caused by:

  • the revival of spring field work and a simultaneous increase in demand for foreign currency from companies importing fertilizers, herbicides and insecticides;
  • increasing need for importing electricity due to large-scale attacks by the Russian Federation on the country’s energy sector;
  • intensification outflow of funds from the state budget after the receipt of large volumes of international financial assistance in the second half of last month;
  • the completion of the period of deductions of annual/quarterly taxes.

Previously, our information portal wrote about ;that the NBU reported when the next stage of easing currency restrictions in Ukraine could begin.

nbnews.com.ua

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