Ukraines economy news
NBU determines forms of activity on interbank currency market for Q1, 2010
14:12
The National Bank of Ukraine (NBU) has determined the forms of its activities on the interbank currency market in the first quarter of 2010, according to an NBU letter to banks.
The NBU said that the decision was stipulated in its resolution of January 21, 2010 (No. 18).
According to the document, in January-March the NBU will continue the practice of holding currency auctions to support individual borrowers: Auctions will be held on Wednesdays for U.S. dollars and on Fridays for euros and for Swiss franks – in line with individual NBU resolutions.
In addition, the central bank will carry out currency interventions using a single exchange rate and currency auctions to smooth out hryvnia exchange rate fluctuations depending on the situation on the currency market.
The NBU also foresaw a chance of holding target interventions in the first quarter – under individual resolutions of the NBU.
As reported, since early January the NBU has spent over $170 million of its foreign currency reserves to support the hryvnia.
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