REUTERS
Forex interventions weaken the influence of rate fluctuations on inflation.
The National Bank of Ukraine (NBU) during interventions to smooth excessive fluctuations in the hryvnia exchange rate has sold on the interbank foreign exchange market $700 million more than it bought since the beginning of the third quarter.
"Net sales of currency by the National Bank to smoothe excessive fluctuations in the exchange rate are at over $700 million since the beginning of the third quarter," NBU Governor Yakiv Smolii told a Kyiv briefing Friday, Sept 7.
Read alsoNBU strengthens official exchange rate to UAH 28.22 to dollar
According to the official, foreign exchange interventions weaken the influence of exchange rate fluctuations on inflation.
As UNIAN reported earlier, the hryvnia devalued against the U.S. dollar by 5.7% in August. The weakening of the hryvnia against the euro has amounted to 5.8% for this period.