Photo from UNIAN
Garbaruk noted an excess of the dollar on Ukraine's forex market for the time being.
Expert in economics, Chairman of NGO National Interest of Ukraine Ihor Garbaruk says the hryvnia, Ukraine's national currency, on the retail market may weaken against the U.S. dollar to UAH 27-27.5 per dollar by the end of 2019.
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"I think a certain surge in the rate will happen between October 20 and early November … I believe the forex rate at UAH 27-27.5 per U.S. dollar will be the real exchange rate we will see in currency exchange booths," he told the Ukrainian online news outlet Obozrevatel on October 21.
The expert noted an excess of the dollar on Ukraine's forex market for the time being.
"Three days ago, we sold government domestic loan bonds worth more than [UAH] 1 billion. Non-residents brought foreign currency to the country and bought hryvnias to get the securities ... We have a fairly good harvest, as grain exports grew by 42% in the first six months [of 2019] alone. Shipments of ferrous metals have increased by 19% for half a year. Revenue from Ukrainian migrant workers rose by 13% ... The situation is that the supply of currency on the market exceeds the demand. Therefore, the exchange rate is not growing," he said.
At the same time, Garbaruk says the prices of fuel, foodstuffs, and goods have been rising despite a stable dollar.
"Inflation is not pegged to the dollar so much," he said.
As UNIAN reported earlier, the National Bank of Ukraine set the official exchange rates of the hryvnia against the U.S. dollar at UAH 25.04 for Monday, October 21, while that of the euro at UAH 27.90.