As the head of the NBU noted, 2022 began for the financial market of Ukraine with new challenges. The aggravation of the situation on the borders of Ukraine significantly worsened the expectations of market participants, which was reflected in a decrease in the value of Ukrainian assets (both on the domestic market and abroad) and the formation of devaluation pressure on the hryvnia.
“The situation is difficult, but not critical. First of all, because of the margin of safety that we have achieved,” he said.
According to him, the accumulated reserves ($31 billion) allow the NBU to smooth out excessive exchange rate fluctuations through foreign exchange interventions.
“So, to balance the foreign exchange market, the NBU has sold $1.5 billion since the beginning of 2022. We have enough reserves to continue adhering to our foreign exchange intervention strategy and smooth out fluctuations. At the same time, I want to emphasize once again that the National Bank will not repeat the mistakes of the past and will not try to keep the fixed exchange rate at a certain level,” Shevchenko added.
According to him, the NBU is confident “that the market will balance in the future and we do not rule out that there may be a correction.”
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