The hryvnia strengthened on the interbank market by reducing imports and speculative demand

2020-04-06 12:03:02
Machine translation
The hryvnia strengthened on the interbank market by reducing imports and speculative demand

the deputies Adopted the law on land reform and adopted in first reading the draft law on banking activities increase the chances of Ukraine to receive aid from the IMF, which reduces the panic about a possible default on the background introduced through Covid -19 quarantine.

 

on the night of March 31 the Verkhovna Rada 259 votes "for" abolished from 1 July 2021г. the moratorium on sale of agricultural land and supported in the first reading the bill # 2571-d on the activities of banks, which is also called "anticollision".

 

In the published macroeconomic forecast to 2020 the government has lowered the forecast inflation rates, GDP and wages, and is now preparing changes to the budget, which will increase the cost of dealing with Covid -19.

 

Positive political news has calmed the market and reduced speculative demand for the currency. The sharp decline in imports and the lack of hryvnia proceeds from the importers have significantly reduced the pressure on the hryvnia on the interbank cash market.

 

last week, the supply of currency grew, allowing the hryvnia strengthened from 28.1 to 27,42 UAH/$. On Monday and Tuesday, the national Bank did not come out on the interbank market and the currency market independently found the balance. And from 1 to 3 April keeping the hryvnia from a sharp appreciation, the NBU bought out the surplus currency in the amount of 248 million dollars (64 million us $ on Wednesday, 34 $ million on Thursday and $ 150 million on Friday).

 

This week the demand for currency from importers will remain low, so the main buyer of the currency will also be the national Bank, which will continue to gradually strengthen the hryvnia to 27 UAH/$.

 

However, the political situation in Ukraine remains unstable as some of the deputies blocking the adoption of the law on banks and has already offered nearly 5,000 edits to it. This again may delay the receipt of money from the IMF and increase the speculative demand for the currency.

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