Due to the actions of speculators, the hryvnia on the interbank market lost 1%, but the National Bank stopped falling

2021-11-17 12:02:37
Machine translation
Due to the actions of speculators, the hryvnia on the interbank market lost 1%, but the National Bank stopped falling

Against the background of the prolonged strengthening of the hryvnia exchange rate on the interbank market, expectations of a trend change began to increase, and over the past three sessions, the dollar began to rise in price again. The hryvnia exchange rate against the dollar strengthened from UAH 28.45/. as of January 1 to UAH 26.1/. as of November 10 due to the excess of foreign currency receipts over demand for it. And only the active purchase by the National Bank of excess currency from the market kept the hryvnia exchange rate from sharply strengthening. The growth of world prices for ore, metal, cereals and oilseeds, which are the main positions of domestic exports, increased the volume of foreign exchange earnings by 50-70%, and this trend will continue in the coming months, since the agricultural export season is just in full swing. Of the 30 million tons of corn planned for export, only 3 million tons were shipped, a similar situation on the oil market, which provides 7 7-8 billion in foreign exchange earnings.


Since Friday, speculators have been actively playing for currency appreciation, which was facilitated by exporters who restrained sales. Buyers in anticipation of further growth of the exchange rate began to actively buy foreign currency. There were similar attempts to swing the exchange rate before, but the excess of currency supply over demand returned everything to its proper months.


Therefore, yesterday the National Bank went to auction and sold foreign currency to everyone at the rate of 26.47 UAH/.. Last week, the NBU bought a record рекорд 585.3 million to limit the strengthening of the hryvnia and did not sell the currency, and during November 1-5 it purchased.314.5 million. Since the beginning of the year, the National Bank has bought викуп 3.6 billion and sold only.246.5 million.


At yesterday's auction, the Ministry of Finance raised UAH 8.159 billion to the budget by placing government bonds, namely::

  • for a period of 6 months at 10.5% per annum in the amount of UAH 2.468 billion,
  • for 1 year at 11.55% (+1 bps) – by UAH 4.129 billion,
  • for 1.5 years at 11.57% - by UAH 42.56 million,
  • for 2 years at 12.47% - by UAH 83.7 million,
  • for 3 years at 12.7% - by UAH 660.17 million,
  • for 5 years at 12.75% - by UAH 62.538 million (all 5 applications were satisfied),
  • for 6 years at 13.25% - by UAH 712.775 million (10 out of 14 applications were satisfied).

Some of these government bonds were purchased by non-residents, which will help increase foreign exchange earnings in the country.


Recall that at the auction for the placement of government bonds on November 9, the Ministry of Finance raised UAH 11.7 billion to the budget, and on October 26 – UAH 17.2 billion.

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