On October 2, 2014, the National Bank of Ukraine held a foreign exchange auction to sell USD 200 million to supply banks' cash departments with foreign exchange and meet the needs of banks' clients. The cut-off rate was 12.90 UAH = 1 USD

Based on the results of analysis of bids submitted by banks intending to participate in a foreign exchange auction, the NBU financial monitoring and foreign exchange control services rejected a number of bids.

The total amount of bids received by the National Bank of Ukraine stood at USD 221.6 million.

Considering the urgent need to stabilize the cash segment of the foreign exchange market of Ukraine, the National Bank of Ukraine adopted a decision to accept 100% of the bids worth USD 60.3 million submitted by banks to underpin the cash departments of banks. The remaining USD 139.7 million was proportionately allotted to banks to enable them to meet their clients' demand for foreign exchange. 

The National Bank of Ukraine pays special attention to the exercise of strict control by its operating units over the use of foreign exchange purchased from the National Bank of Ukraine by auction participants for intended purposes. The foreign exchange acquired at the auction should be used for intended purposes within 5 days. The remaining foreign exchange should be sold back to the National Bank of Ukraine.