The actions of the national Bank yesterday led to the speculative rise of the currency.
Yesterday on the interbank market, the dollar rose by 20 kopecks despite the sale of Naftogaz is a significant amount of foreign currency to cover the budget deficit.
this morning the national Bank has announced the auction for the purchase of 1 billion $, competitive applications for participation in which banks should provide up to 11 hours. Speculators, who do not understand that the auction is only for one customer, started to heat up the market, that rate rose to 23.32-23,35 UAH/$.
the selling Rate of cash dollar in exchange offices from the morning of 23.2 UAH/$ by the evening rose to 23.8-24 UAH/$.
in General, in the course of yesterday's trades, the national Bank purchased on the interbank market of 700 million $, but after lunch he was forced through a system of Matching intervene to sell foreign currency to reduce speculative demand. However, the dollar at the end of the session rose to 23.45-in 23.52 UAH/$.
the Main seller of foreign currency was NAK Naftogaz of Ukraine, which was transferred to the state budget of 13 billion UAH, of which 8.5 billion UAH – dividends for operation in 2019, and 4.5 billion UAH of additional payments.
the budget Deficit, which for 11 months of current year has grown to of 51.46 billion, forcing the government to seek additional sources of revenue, one of which was payments from public companies.
According to the Finance Ministry, since the beginning of 2019, the revenues of the General Fund budget amounted to 792,2 billion, or 93.9 per cent of the planned 843,66 billion. The strengthening of the hryvnia, low gas prices, the reduction of tobacco production, low growth of imports compared to budgeted-2019 indicators led to the budget shortfalls.
supply of foreign currency significantly exceed demand due to a stable inflow of foreign investment from those wishing to purchase hryvnia government bonds, large receipts of currency from exporters and in attracting external financing state-owned companies. Active inflow of foreign currency strengthens the hryvnia and forces the Bank to constantly buy the excess currency. Since the beginning of the year, the NBU purchased 7.5 billion $, which is a record figure since 2007.
