REUTERS
Reviving cooperation with the IMF and receiving macro-financial assistance from the EU would significantly contribute to the stability of the Ukrainian currency, the central bank believes.
Chairman of the Council of the National Bank of Ukraine (NBU) Bohdan Danylyshyn says the rate of the hryvnia, which since mid-December 2017 has dropped 3% against the dollar and 12.5% - against the euro, may see stabilization and strengthening in early summer.
The strengthening of the national currency is expected along with the growth of farm produce exports (February-March), provided that the relatively favorable conditions prevail in the steelmaking products market with the seasonal growth in demand for these products (March-April).
The official noted that the revival of Ukraine's cooperation with the IMF and the receipt of macro-financial assistance from the EU would significantly contribute to the hryvnia's rate stability.
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Danylyshyn mentioned the growth of the trade deficit, excessive budgetary expenditures at the end of 2017, the inter-season temporary decrease in exports, the failure to receive in 2017 two out of four scheduled IMF tranches, as well as speculative transactions by a number of market players among the factors that influenced the decline in currency supply on the market, resulting in the weakening of the national currency.
As UNIAN reported earlier, the National Bank explains the current fluctuations on the currency market by seasonal factors, including the purchase of energy sources and the growth in imports at the end of 2017 on the eve of the New Year holidays, as well as large payments on value-added tax (VAT) refund.
Hryvnia's historic low against the U.S. dollar was at UAH 30.01/USD in February 2015. Rates of the Ukrainian hryvnia against the U.S. dollar on the interbank forex market by the close of trading on Thursday, January 25, were set at UAH 28.67/28.70 per dollar.