REUTERS
Traditional excess of imports over exports at the beginning of the year and foreign currency purchases by businesses to withdraw dividends are among them.
The National Bank of Ukraine has not changed its policy on the foreign exchange market and continues to adhere to the principles of flexible exchange rate formation, as stated by Deputy Head of the NBU, Dmytro Solohub,
Commenting to journalists on the reasons for the hryvnia weakening in January after the rapid strengthening last year, he said: "Nothing has changed in the policy of the National Bank on the foreign exchange market. We have a floating rate, it must correspond to fundamental parameters and it corresponds to them if you see current account indicators and other macroeconomic indicators."
Solohub emphasized that the regulator maintains presence on the market, smoothing out excessive fluctuations and replenishing reserves.
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Speaking about the reasons for the weakening of the hryvnia in recent days, Solohub noted that at the beginning of the year, imports traditionally exceed exports, while businesses buy up foreign currency to withdraw dividends.
At the same time, he stated that since the beginning of the year the population has sold foreign currency worth almost $100 million.
As UNIAN reported earlier, the National Bank of Ukraine on Thursday, January 30, set the official hryvnia exchange rate to the U.S. dollar at UAH 24.85, which is 13 kopiykas below the previous figure. Thus, the Ukrainian hryvnia fell against the dollar for the third day in a row – after sliding by 27 kopiykas on Tuesday and by 12 kopiykas on Wednesday.
In 2019, the national currency of Ukraine at the official exchange rate strengthened against the U.S. dollar by 14.5%, to UAH 23.69, and to the euro – by 16.7%, to UAH 26.42.