The NBU sold a record 6 billion dollars in one month: the hryvnia came under increased currency pressure

The NBU sold a record 6 billion dollars in one month: the hryvnia came under increased currency pressure

The NBU sold a record $6 billion in October, holding back pressure on the hryvnia: budget spending is rising while exporters’ foreign-currency revenues lag behind demand.

In October the National Bank conducted foreign-exchange interventions of $5,998 billion — the largest monthly volume on record. In just the week of 26–30 October the regulator sold $1,818 billion, 52,4% more than the previous week. The prior monthly record was $5,519 billion in September.

Deputy Governor of the NBU Yurii Heletii explained the rise in demand for foreign currency by increased budget spending, while foreign-currency supply from the agricultural and metallurgical sectors has fallen due to disruptions in logistics.