Today, National Bank of Ukraine has held a FX sale auction to smooth excessive exchange rate fluctuations of the hryvnia. USD 50 million was auctioned, but given low demand from the authorized banks, bids worth USD 5 million were satisfied during the auction session. The cut-off rate stood at 23.60 UAH/USD. The auction allowed the interbank hryvnia exchange rate to appreciate to levels close to the cut-off rate.

The National Bank of Ukraine sees no reasons for further substantial interbank exchange rate fluctuations. “The BOP current account is balanced, we see no risks of upsetting its equilibrium, said NBU Deputy Governor Oleh Churii.   Prices for Ukraine's exports are on a downward trend. However, this could be offset by the impact of two other factors. First, foreign exchange proceeds from agricultural exports will keep coming in. Second, prices for imported energy resources will keep declining. As a result, the BOP current account will remain balanced and will therefore have little impact on the hryvnia exchange rate.