Today, the National Bank of Ukraine has conducted another FX sale auction. With the interbank trading turnover being low, a slight excess of demand for foreign exchange over the supply of it, which has been observed this week, has triggered excessive exchange rate fluctuations of the hryvnia for the second consecutive day. Today’s auction, as well as the previous one, was held to smooth these fluctuations.

USD 50 million was auctioned, but given low demand from the authorized banks, bids worth USD 13.1 million were satisfied during the auction session. The total amount of bids submitted by banks stood at USD 25.6 million. However, the National Bank satisfied bids quoting exchange rates close to market levels on a first-priority basis. The cut-off rate stood at 23.80 UAH/USD, whereas the weighted average UAH/USD exchange rate was UAH 23.87 per USD 1.