According to the results of today’s auction the weighted average exchange rate of Ukrainian Hryvnia is UAH 15.8817 per USD 1. Cutoff rate is UAH 15.7525 per USD 1. According to the Governor of the National Bank of Ukraine Valeriia Gontareva such exchange rate shows that growth of quotations slowed down and remained at the level that had been discussed yesterday at the meeting with the senior managers of large banks.

In particular, over the course of yesterday’s meeting the bankers expressed general point of view that they almost managed to find the equilibrium exchange rate they may stick to and which, in their opinion, was within the threshold 15 to 16 Ukrainian Hryvnias per 1 US Dollar.

Bankers said today that they were still looking for equilibrium. The market may still undergo some fluctuations as proceeds in foreign currency are injected in the banking system irregularly, and deep forex market and market maker institute have not been built yet.

In turn, the National Bank of Ukraine plans to improve the procedure of daily auctions, where the weighted average rate will be established given normal allotment function. Bids filed by the banks will be satisfied starting from the banks, which offered the purchase rate in the amount of the weighted average rate and lower. It will allow demonstrating not the highest price offers but an actual Ukrainian Hryvnia exchange rate to the market players, i.e. representative market condition.

Valeriia Hontareva also added that the regulator will keep doing its utmost to balance the currency market and recover normal functioning of both banking system and economy in general. “We keep hoping that with our help the market will finally get equilibrium. At the same time we are developing monetary measures to stabilize the situation. If panic prevails over common sense of the market players then the National Bank will apply additional administrative measures. They may include application of the type of payments for export and import operations based on letters of credit as binding. It will make it impossible to keep the currency by exporters expecting higher rate and it will also limit import”, – summarized the Governor of the National Bank of Ukraine.