The Russians lost: The NBU Chairman told how the hryvnia reacted to a flexible course

Andriy Pishny warned about fluctuations in the course, but he said, they will be insignificant. The abolition of the fixed course and the transition to a flexible exchange rate did not destabilize the Ukrainian hryvnia. At the same time, the innovation of the regulator increased the demand for currency for the interbank bank, but the National Bank of Ukraine (NBU) stabilized the situation, selling the required volume of currency. This was reported by the head of the National Bank Andriy Pyshny.

"After refusing a fixed course, the hryvnia did not make a" flight into space ", which was prophesied by Russian IPSO," he wrote. According to him, the NBU expected that the emergence of a flexible exchange rate in the foreign exchange market provokes an increase in demand for currency, since the foreign exchange market tests the NBU's determination. "The NBU has sold as much as needed to meet this demand.

And this is confirmed by the fact that we do not have" red lines "in the part of the interventions. Our goal is to maintain exchange stability. I am convinced that when the market understands that the NBU is It does not plan to release the hryvnia into free swimming, interventions are gradually stabilized, " - emphasized Pishny. Andriy Pishny explained that fluctuations in the course will take place, but on both sides and very insignificant.

But all market participants, according to the head of the NBU, again remember how it is to work in normal conditions. In addition, the managed course will allow the financial system and economy to adapt to external and internal shocks. The hryvnia on the dollar is UAH 36. 5901 per dollar. It should be noted that from the end of July 2022, the National Bank controlled the official national currency at UAH 36. 5686 relative to $ 1. That is, after the cancellation of the fixed rate of hryvnia fell by 0.

0215 UAH. The NBU also set the hryvnia to euro, which will be UAH 38. 3263 per 1 euro. Previously, the rate was held at the level of UAH 38. 5177 per 1 euro. Thus, the Ukrainian currency has strengthened by UAH 0. 1914. We will remind, on October 2 the National Bank reported that it was introducing a flexible exchange rate. Under the regime of managed flexibility, the NBU will continue to control the situation in the foreign exchange market, respectively, will remain a key player.