The dollar enters the new corridor: what to expect from the course

The situation on the currency market calms down

Dollar after growth in the official exchange rate of NBU on July 22 on the interbank currency market of Ukraine trades at 27,78 of the hryvnia after the national Bank kept the discount rate at 6% per annum. Such data to the website “Today” was given the head of Department of Analytics GK Forex Club Andrey Shevchishin.

“The suspension of the devaluation occurred on the eve at the active news. The new head of the NBU also said that does not expect a rate cut before year-end. The controller predicts the increase of international reserves from 25.5 billion dollars to about 30 billion dollars by the end of 2020 and up to 32-33 billion dollars in subsequent years. The market took a positive step against the background of growing inflation and devaluation expectations”, – said the expert.

A positive factor for the hryvnia were also news about attracting via Eurobonds of $ 2 billion maturing in March 2033 with a yield in the amount of 7,25% annual. As well as the expected receipt of funds from the European Commission the amount of 1.2 billion euros.

“The prospects of entering such volumes brought down the mood of the buyers. Sellers and exporters, who previously held the foreign currency more actively began to sell it,” explained Shevchishin.

He recalled that, in General, the national Bank for the last three days to smooth exchange rate fluctuations has sold about $ 350 million.

Blame statements: the national Bank explained the rapid growth of the dollar

“Thus, the regulator outlined the current baseline corridor with the upper limit on the approaches to 28 hryvnia for one dollar. Now, the rollback rate will show where is the lower boundary of the corridor. Probably on the background of recent events and accumulated deferred sales, UAH, maybe a few more to grow up and in the short term will tend to the level of 27,6-27,7 hryvnia per dollar” – predicted the analyst.

We will remind, earlier experts warned that the dollar is 30 hryvnia threatens a new round of inflation in Ukraine. In General, analysts predicted a chaotic week in the currency market.