Devaluation proceeds, because wishing to buy currency more than to sell

Devaluation to hryvnia proceeds, because still wishing to buy currency more than wishing it to sell, the chief of Exchequer management of PUMB Alexey Savchenko considers. “A situation this week quiet you will not call. Having closed on Friday at level 7.80-7.85, on Monday the market opened from level 7.90 and further continued the movement to levels 9.70-10.20 – quotations of the first half of day of Thursday. Certainly, a situation intense and deficiency of dollars in the market is very notable“, – the expert speaks. As told to Korrespondent.Net Savchenko, current week the National Bank entered the market with interventions twice.

However the form of these interventions did not allow to satisfy existing demand.

The banker sees to that two reasons: on Tuesday of NBU allowed to buy currency for clients under import contracts with GTD existence, and on Wednesday under import contracts and under a payment calendar (a calendar of repayments of external obligations of banks).

Thus, Savchenkos, clients who would like to acquire currency for repayment of the credits and for purchase of percent speak, could not satisfy completely the requirements and were compelled to buy currency on Mezhbank, overpaying the little less than one hryvnia.

“On Wednesday of a condition were similar. However a surprise for the majority of banks was that on the eve of auction the National Bank needed to provide a package of documents according to demands of clients. As a result the majority of banks which wanted to buy currency for the clients under import contracts, were not satisfied“, – explains Savchenko’s situation.

He also reported that proceeding from these realities, on Friday the market opened quotations 9.50/10.20.

“However after appeared information on intention of NBU to sell currency today (on Thursday December 18) at the rate of 8.87 hryvnias for US dollar, and tomorrow (on Friday December 19) at the rate of 8.70 hryvnias for US dollar, participants of the market took a waiting attitude, analyzing this statement of NBU“, – the banker considers.

Thus he notes that if the form of sale will be same as on Tuesday and Wednesday, certainly, these interventions will not affect course stabilization. As, anyway, wishing buy currency can to make it not differently, as in the interbank market.

Meanwhile, Savchenko noted that often information which is used by various mass media does not represent the facts, as it is based on rough levels, instead of quotations, for which respondiruyemy banks do not bear any responsibility.

“Unfortunately, such practice misleads both the population and clients of banks.

Today, on Thursday it is difficult to speak unequivocally about how the hryvnia will behave. The reason for that – NBU statement that he will sell currency at courses 8.87 on Thursday and 8.70 on Friday“, – explains the banker.

According to him, from a form and volumes of sale of currency of NBU to commercial banks also it will be clear, there will come stabilization or not as still unique seller of currency the National Bank, and as a result acts as the lever influencing control of falling of hryvnia.

“Also, certainly, and the sharp criticism of the Prime minister to NBU management that falling of hryvnia is a consequence of the planned speculative operations, can create opinion that the hryvnia should become stronger and the population will start to sell currency. Such signals already are”, – marks out Savchenko.

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