NBU forbade banks to trade currency at the price above "average market"

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The management of National bank, having understood that verbal and market interventions for course maintenance to hryvnia insufficiently, passed to drastic administrative measures. Yesterday the regulator dispatched to banks the letter in which obliged them to sell non-cash currency at the rate, not above established NBU, differently banks won't be able to buy from it currency, and then at all will lose the license.

"-Ukraine" the letter of NBU No. 38-012/896-2112, dispatched on February 11 to all banks, in which regulator "I expressed deep concern about actions of banks which perform currency transactions (including on orders of clients) at the rate which significantly exceeds an average rate of the market" was for the Kommersant available. The National Bank counted that yesterday by 14.00 the average rate made 7,973 UAH/$ at a trading volume in $190 million. "We notify that the National bank since February 11 temporarily won't sell currency to banks which perform currency transactions at the course exceeding average market, - is noted in the letter of the acting chairman of NBU Anatoly Shapovalov. - To banks which systematically will perform currency transactions at the rate above average market, it will be suspended the general contract on conducting operations on Mezhbank and other measures of influence" are applied.

By data it is information - dealing UkrDealing.com system in which many banks expose the quotations for the auction, yesterday Mezhbank opened at the level of 8,1/8,2 UAH/$, was closed - 8,0595/8,2000 UAH/$. The minimum quotations were recorded at 15.10 at the level of 8,0595/8,1590 UAH/$, and maximum at 12.19 - 8,1019/8,2092 UAH/$. According to the head of group of advisers to the head of NBU Valery Litvitsky, yesterday the regulator sold in the market of $55 million at the rate of 7,79 UAH/$, the total amount of the auction of dollar made $270 million. Mister Litvitsky declared to Interfax — Ukraine agency that NBU daily reduces the influence on the market, though sold for February already $724 million, and "is ready to support movement of a market rate in the direction to official".The official rate since the end of last year keeps National Bank the invariable - 7,7 UAH/$.

Bankers note that the letter of NBU is the rigid administrative pressure upon a course to hryvnia. "Over the last two days from department of currency regulation of NBU in treasuries of all largest banks were ringing with the requirement that banks performed all foreign exchange operations, including with clients, at the rate of lower than 8 UAH/$", - one of bankers on the condition of anonymity told. Its information confirmed and in other banks: "But how we can force clients to sell at the rate below the market? And in National Bank to calls weren't limited and now threaten with license selection".

NBU decided to resort to drastic measures as it finishes limits of the international reserves which it planned to direct on interventions in the I quarter, and it isn't enough his statements in order that гривня became stronger, bankers consider. "The National Bank tries to stimulate currency sale without considerable injections and to lower a course below level of 8 UAH/$", - the treasurer of "Subsidiary bank of Sberbank of Russia" Dmitry Zolotko explains. However bankers doubt that the regulator will manage to realize a task such way. "We will try someone from clients to persuade to keep from sales of revenue from a high course, but you won't explain to the majority of the such, - the treasurer of one of the largest banks with the foreign capital claims. - Why it has to lose money whereas also the National Bank selectively sells currency without the reasoned explanations of the actions". Before NBU sent to banks the letter in which stated the sharp growth of the currency remains on customer accounts on $1 billion and I asked banks to help clients to sell their currency.

Under client contracts bankers call selective sale of currency to banks the reason of existence of several courses - official and market. "Then there is the pent-up demand pushing a market rate up, - the deputy chairman of one of banks speaks. - Besides during the last days NBU only half satisfied demands. And on Wednesday I began to refuse to some, reasoning that the bank sold currency at the rate above what they want. Certainly, some days banks will be afraid of selection of the license and to try to reduce a course lower than 8 UAH/$. But very few people will sell, and with such volumes of interventions of NBU we will hold on some days. Then there will be sharp growth if there is no support of reserves from the IMF or other sources about which the prime minister - the minister" speaks.According to NBU, by February 1 its reserves decreased to $28,82 billion (taking into account the credit of the IMF of $4,5 billion). Taking into account an expected second tranche in $1,8 billion gross reserves of NBU have to make by the end of March $28,1 billion


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