The national currency is losing ground on the interbank market
the national currency is rapidly losing ground on the currency interbank market. On the last day of August, the demand was much higher than suggestions and even carried out by the regulator, the auction currency is not able to balance the situation. For two weeks the national Bank was watching the devaluation of the hryvnia, without interfering in the course of trading. Exporters were reluctant to sell the currency because the rise of the dollar played to their advantage. Tangible disparity between the cash dollar has risen rapidly, and gradually gaining weight with the dollar at the auction set the stage for speculative attacks on the hryvnia. After the jump in the cash market, when the dollar jumped up and then fell below 26 UAH, it was the turn of the interbank market to feel the fever.
the Behavior of the dollar prices, which have continued to grow despite the sale of the Bank 30 million dollars indicates a potential strengthening of the us dollar and strengthening speculative attacks on the hryvnia. The ease with which the rate exceeded 26 UAH/$ tells about a complete imbalance in the demand for currency and its supply. This will lead to further devaluation of the hryvnia in early September. Further complicate the situation, the need to pay at the beginning of the month $ 500 million in foreign debt obligations and purchases of gas for the heating season.
Trading on the interbank market on Wednesday had the following trends:
the rapid growth rate with morning declarative quotes 25,74/25,78 to the level 26,22/is 26.37 before closing.
- increased speculative activity
- forced exit of the national Bank on the auction market for the sale of $ 30 million at cut-off price lower at 26, 05 UAH/$ if the total amount of the bids from the banks at 55.9 million dollars,
in General, to August 31, was the 487 deals totaling 326,27 million dollars at the weighted average exchange rate 26,0813 UAH/$.