The Central Bank of Ukraine stated that “the new rate of the hryvnia (the Ukrainian currency) will be an anchor for the economy and will provide resilience to conditions of uncertainty,” according to the AFP news agency.
This price will be in force until the Ukrainian Central Bank pronounces again, since the local issuer imposed restrictions on the foreign exchange market at the beginning of the invasion to avoid a collapse of the currency.
“Keep the fixed exchange rate will allow you to maintain control over the dynamics of the inflation and support the uninterrupted functioning of the financial system. This is the key condition for the stable functioning of the economy, which is vital during the war,” said the head of the Ukrainian Central Bank, Kyrylo Shevchenko.
In addition, the monetary authority stated that the international reserves of Ukraine are sufficient to ensure exchange rate stability, taking into account the prospect of receiving international financial aidthe gradual establishment of export logistics, the increase in exporters’ sales and the expected decrease in foreign exchange demand after the exchange rate adjustment.
To balance supply and demand in the foreign exchange market, the entity has announced that it will adopt some additional measures aimed at “minimizing the allocation of international reserves to non-priority expenses in times of war.”
Source: Ambito
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