Today, for the second time this week Governor of the National Bank of Ukraine Valeriia Gontareva has met with the senior managers of 40 major banks in Ukraine.
Ms Valeriia Gontareva thanked large systemic and state-owned banks for support of policy of the National Bank of Ukraine aimed at stabilizing the situation in the interbank foreign exchange market.
According to her, previous meeting with bankers already yielded results, as they managed to move the exchange rate in the right direction. "It is clear that today's meeting will not only strengthen our steps to stabilize the foreign exchange market, but also allow to see the rate at 12.50 - 13.00 hryvnias per US dollar in a few days"- said the head of the NBU.
Ms Valeriia Gontareva assured that as for today the National Bank is not only staying in the market but also participates actively in it. "We will continue carrying out both verbal and monetary interventions. All major banks have fully supported us and therefore, I think our joint balanced moves with the banking system will show results very quickly – she said. – However, we will do that by building the right institute of market-makers. And to be able to remove unscrupulous market players from the market, we are specifically introducing monitoring of suspicious transactions".
At the same time, having deferred to the opinion expressed bybankers, the regulator will not introduce new restrictions, but will extend short-term measures since September 02 for 3 months according to Resolution of the Board of National Bank of Ukraine No. 328 dated May 30, 2014 On the regulation of activities of financial institutions and the execution of foreign exchange transactions with specific adjustments. In particular, the open foreign exchange position was reduced from 5 to 1% which in the short term will result in inflow of additional foreign exchange into the market.
The Governor of the National Bank has also said that starting from the next week the IMF team of experts will visit Kyiv in order to process new functioning structure of the foreign exchange market of Ukraine proposed by the NBU, establishment of institute of market makers and active participation of the NBU in this market; since flexible exchange rate the supporter of which the National Bank is, has nothing to do with uncontrollable fluctuations of the national currency in recent days.
In turn, the bankers have assured the National Bank Governor, that early next week the exchange rate will reach 12.50 - 13.00 hryvnias per US dollar due to their coherent access to the interbank foreign exchange market.
"In the midst of hostilities in the Ukrainian territory we desperately need conscious joint activities of Ukrainian banks in the foreign exchange market – she said. – Only such a common position will enable us to return the exchange rate to the sustainable level. As you know the banking sector is shaken by the media war which is led in Ukraine everyday by over 200 FSB employees, according to Mr. Nalyvaichenko. So today I would call our economy the war economy, and the time we have now – the wartime".
Today the IMF has the scheduled meeting which may result in a resolution to grant the second tranche of USD 1.45 billion to Ukraine as early as on September 03. USD 0.5 billion is also expected from the World Bank.