The National Bank started strengthening hryvnia

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Statements for chaotic actions of the National Bank of Ukraine (NBU) on Mezhbank and persistent requirements of the Verkhovna Rada to dismiss his head Vladimir Stelmakh led to that the regulator started strengthening гривню.

Yesterday NBU carried out interventions at the rate of 8,25 UAH/$, having instantly reduced the dollar price on Mezhbank to 8,40-8,45 UAH/$. In case of preservation of such activity of NBU bankers expect further falling of a dollar rate.

"Pressure upon National Bank from the Cabinet and the Verkhovna Rada forced to start taking the regulator measures for strengthening to hryvnia. But mister Stelmakh to secure itself against possible resignation, went on leave under the pretext of celebration on January 18 the 70 - the anniversaries", - the Businessman Ukraine" writes ".

In particular, the edition notes that yesterday the National Bank published the resolution of January 14 "About currency interventions of NBU in the interbank currency market in January, 2009" according to which currency interventions will be carried out on Mondays at a certain course, on Tuesdays, Wednesdays and Thursdays - depending on a situation in the currency market. Currency auctions are planned for Fridays.

Besides, yesterday NBU came to Mezhbank with interventions at the rate of 8,25 UAH/$, having satisfied demands for $77 million whereas the day before the course of interventions was 8,4 UAH/$ - $144 million are sold. The satisfaction of demand to evening of Thursday strengthened гривню on Mezhbank for 20 kopeks: in the morning the interbank currency market opened at the level of 8,65-8,75 UAH/$, having decreased to closing of the auction to 8,40/8,45 UAH/$. The cash market at once reacted small decrease in a dollar rate.

Participants of the market explain strengthening to hryvnia with attempts of NBU to approach its course to the official - 7,7 UAH/$. "During National Bank interventions Mezhbank decreased to 8,3/8,5 UAH/$. The course of interventions of NBU shows a strengthening tendency to hryvnia: On January 12 it made 8,62 UAH, on January 14 - 8,4 UAH, and on January 15 - 8,25 UAH. Probably, the National Bank wants to lead the market to an official rate", - the director of the department of treasury and financial institutions "Indeks - bank" Anton Boldyrev notes.

Bankers count on the most efficient strengthening to hryvnia. "The cash market falls because the National Bank actively and daily sells currency.Tomorrow (on Friday) there will be an auction. I think, its price will be at the level of 7,85-7,90 UAH/$. Then Mezhbank will fall to 8,2-8,3 UAH. The cash market falls more slowly - demand isn't present", - the treasurer of "Subsidiary bank of Sberbank of Russia" Dmitry Zolotko speaks. "I think, tomorrow the cash course will be within 8,2-8,7 UAH/$. The further dollar rate will depend on future interventions of National Bank, their price and volumes", - Boldyrev summarizes.

We will remind, the day before the Verkhovna Rada prolonged activities of Temporary commission of inquiry for questions of check of actions of National bank of Ukraine during financial crisis. 372 People's Deputies voted for the relevant resolution. According to the resolution, action of VSK lasts for 6 months. Besides, the parliament repeatedly addresses to the president with the requirement immediately to bring idea of Stelmakh's dismissal from a position of head of NBU and to offer the Verkhovna Rada the new candidate to this position.


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