REUTERS Chairman of the Supervisory Board at PJSC First Ukrainian International Bank (FUIB) Serhiy Chernenko forecasts Ukraine&#39;s national currency, the hryvnia, will traditionally continue strengthening until the end of August, after which it may gradually weaken to UAH 29.00 per U.S. dollar at the end of the year. "Our forecasts are based on a moderate low-case scenario with the rate set at UAH 29.00 to the dollar," he said on April 20, referring to FUIB analysts. According to the banker, the hryvnia will traditionally be strengthening in spring and summer, after which it will gradually be weakening from late August to its devaluation peak at UAH 29 to the dollar in December 2018. Read alsoUkraine&#39;s government approves budget policy for next three years Chernenko also noted that Ukraine would have to pay off large debts in 2018 and 2019. Moreover, the presidential and parliamentary elections are coming. Nevertheless, the hryvnia continues strengthening even more actively than in 2017. "The government has enough tools to handle peak debt payments," he added. UNIAN memo. Ukraine&#39;s national currency strengthened against the U.S. dollar by 5.4% in the first quarter of 2018, according to the official rate of the National Bank of Ukraine (NBU). The state budget of Ukraine for 2018 assumes the average annual rate of the hryvnia at the level of about UAH 29.3 to the dollar, while the rate at the year-end at about UAH 30.1 to the dollar. Most representatives of Ukrainian businesses forecast the hryvnia exchange rate against the U.S. dollar in the range of UAH 28-31 within the next 12 months, according to an NBU survey. The hryvnia&#39;s historic low against the U.S. dollar was registered at UAH 30.01 per U.S. dollar in February 2015.