Ukraine Gate- Kyiv – May 21, 2022 – According to data released on the official website of the NBU, the official exchange rate of the hryvnia against the US dollar remained fixed at UAH 29.25 / USD, since the peg of the exchange rate makes it possible to curb inflation due to critical cheaper imports and keep inflationary expectations under control.
Such explanations were also provided for the Decision of the Board of Directors of the National Bank of Ukraine on amendments to the Decision of the Board of Directors of the National Bank of Ukraine of February 24, 2022.
The NBU said: “The exchange rate restrictions set by banks in the cashless sector of the foreign exchange market remain unchanged, and banks must continue to conduct non-cash currency sale and purchase transactions with customers at a rate in the range where the lower limit is the official rate and the upper limit.” The official rate is +1%.
According to the bank, most of the operations in the foreign exchange market are carried out in its non-cash sector, where exporters and importers in particular buy and sell non-cash currencies, therefore, importers can buy currency at a price close to the rate at which the currency is sold by exporters, in case there is a deficit in Currency in the market, the NBU closes it by selling the currency from international reserves.
As banks could sell foreign currencies through cash registers only to the extent that they had previously purchased from the public, before the war between the cash and non-cash market sectors there was almost free cash flow, in addition to that, people were free to buy currencies from banks, and the statement said that Currency restrictions imposed by the NBU have currently opened the curtain on such inflows and volumes of cash sales by banks.
Meanwhile, the NBU has allowed banks not to restrict currency exchange rates, and according to the regulator, this balances the terms of banks compared to exchanges, which increases the efficiency of the money market and reduces exchange rate fluctuations in it.
Restrictions on the exchange rate at which banks debit hryvnia funds from customer accounts were also lifted if customers paid hryvnia cards abroad or withdraw cash from cards.
Thus, the NBU creates opportunities for a temporary convergence of the currency conversion rate for citizens abroad and the cash currency purchase rate for citizens residing in Ukraine, which reduces “card tourism”.
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