Ukraine’s forex market not affected by political uncertainty – NBU

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The exchange rate of the hryvnia continues to form due to supply and demand.

The governor of the National Bank of Ukraine (BNU), Yakiv Smolii, said that the political uncertainty did not affect the foreign exchange market of Ukraine, while the exchange rate of the hryvnia is formed only under the influence of market supply and demand. “The double elections are really linked to the expectations of certain risks in the financial markets, but this has absolutely no impact on the exchange rate and is created by supply and demand,” he said. he said during a briefing. 

According to Smolii, favorable conditions for Ukrainian exports, the inflow of non-resident investment in debt securities of Ukraine, which have resulted in an increase in the supply of foreign exchange in the market, were the factors of strengthening of the hryvnia lately.

As UNIAN had previously reported, the NBU on Thursday night weakened the official exchange rate of the 17 kopiykas hryvnia, bringing the national currency down to 26.03 UAH for one dollar. The national budget of Ukraine for 2019 is based on the forecast rate set at 29.4 UAH for one dollar by the end of 2019. According to the expert consensus forecasts established by UNIAN, the exchange rate of the hryvnia by report to the US dollar at the end of 2019 is A historical minimum of 30 hryvnia against the US dollar was recorded at 30.01 hryvnia in February 2015.

Published by Skrimon
Author, TopAsiaFX

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