Large fiscal spending and a slump in exports determined the weakening of the hryvnia at the beginning of the year. This was told by Deputy head of the National Bank of Ukraine (NBU) Oleg Churiy in an interview “ЛІГА.net”.
“If we talk about the cash market, it is largely influenced by the high government spending in December. As a result, the liquidity of the banking system increased by 38 billion, and the volume of cash outside of banks increased by UAH 25 billion. Of course, part of this money was the foreign exchange market,” said Curi.
The interbank market, according to him, more under the influence of seasonal factors.
“At the end of the year greatly reduced receipts from agricultural exports. For comparison: in November the share of farmers in total volume sold by the exporters currency was more than 50%, in the last days of December dropped to 30-40%, and in early January – almost 20%”, – stated the Deputy head of the NBU.
CORI recalled that at the end of last year, exporters have been refunded a large sum of VAT – UAH 16 billion compared to 6 billion in November. This reduced the incentive to sell foreign currency on the interbank market.
“If exporters usually sell about 90% of foreign exchange earnings during the mandatory norm of 65% in January, the figure fell below 85%,” – said Deputy head of the NBU.
We will remind, last days , the hryvnia is gradually strengthening after a sharp fall after the new year.