The NBU exclude serious fluctuations in the currency market after the quarantine

The leadership of the national Bank of Ukraine made a statement about the low likelihood of currency fluctuations in the country after quarantine restrictions, pandemic coronavirus infection.

В НБУ исключают серьезные колебания на рынке валют после карантина

It is reported portal “Hvilya” with reference to the words of the head of the NBU Yakov Smoliy said in an interview with BBC News Ukraine.

The national Bank of Ukraine encourages citizens to remain calm. In NBU believe that after the lifting of the quarantine, the Ukrainians will start to buy dollars and euros on a massive scale. Head of financial institutions, Yakov Smoliy believes that there is a pent-up demand, and because the Bank does not expect significant fluctuations of the exchange rate, caused a stir in the market exchange. Resin expressed the opinion that after the lifting of the quarantine the population will spend the available money, and not to engage in buying foreign currency.

“Despite the fact that some time the demand will be quite depressed, we can expect a slight increase in consumption compared to the time spent in quarantine. However, we do not expect to increase the population of the country currency reserves, as well as other operations related to the currency”, — said Yakov Smoliy.

The head of the national Bank assured that Ukraine is ready to exchange rate fluctuations, financial institutions in the country have learned to cope with this situation. The NBU has a clear understanding of the algorithm of actions in case of excitement caused by the actions of the population.

“The national Bank immediately entered the currency market with interventions, as in March there was a jump of excitement. It sold more than two billion US dollars, and panic sentiment remained under control,” recalled Yakov Smoliy.

In addition, Yakov Smoliy said that recently, the rate of hryvnia to the dollar is not only stabilized, but began the strengthening of the national currency. Moreover, the national Bank has already began the process of replenishing the international reserves. The financier said that for the second quarter of 2020, the NBU bought two billion dollars and turned the trend in the opposite direction. This, according to Smoliy, gives a guarantee that the situation on the currency market will continue to remain under control.