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Automatically translated version. May contain inaccuracies compared to the original.
💵📉The NBU has been selling more than $1 billion in foreign currency for six consecutive weeks — the stability of the hryvnia is becoming increasingly costly
🏦💸From 17–21 August the National Bank sold $1,194 billion on the interbank market and did not buy any currency at all — $93 million more than the previous week. This is already the sixth week in a row when interventions exceed $1 billion, meaning that during this period the NBU has sold over $6 billion to the market. The reason is a persistent imbalance: businesses and the public are buying more foreign currency than the private sector can supply.
📊🛡At the same time the dollar has not undergone a sharp devaluation: even last week, after the NBU’s sales of $1,1 billion, the official hryvnia rate actually strengthened from 44,76 to 44,70 UAH/$. In other words, the billion-dollar sales are not so much the consequence of an already collapsed hryvnia as the price the NBU is paying with reserves to cover the currency deficit and keep the exchange rate under control. An additional risk is already visible ahead: due to strikes on ports the National Bank expects to receive about $2,5 billion less in export foreign-currency proceeds in the second half of the year.
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