The National Bank of Ukraine (NBU) reported that the US dollar remains the main rate-forming currency despite the increase in euro trading volume.
This is stated in the regulator's message, Ukrainian News Agency reports.
It is noted that the Oversight Council for Money and Foreign Exchange Market Indicators of Ukraine conducted the fourth regular review of the UONIA money market indicator and foreign exchange market indicators (the official hryvnia exchange rate to foreign currencies, the accounting price of bank metals and the reference value of the hryvnia exchange rate to the US dollar).
The official/reference hryvnia exchange rate to the US dollar and the methodology for their calculation currently meet the conditions and needs of the market.
The volume of trading on the foreign exchange market is quite sufficient to calculate reliable indicators for the hryvnia exchange rate to the US dollar. There is currently no need to change the methodology or other aspects of the calculation and publication of the hryvnia/dollar foreign exchange market indicators.
The currency structure of transactions in the foreign exchange market confirms the status of the US dollar as the main rate-forming currency.
Despite the fact that in the hryvnia/euro segment of the interbank foreign exchange market, the trading volume has increased, it remains relatively small.
In contrast, in other segments of the foreign exchange market, the role of the euro has increased.
This creates a further contribution to the formation of the potential for a possible change of the peg currency from the dollar to the euro in the future.
The process of implementing previously approved proposals regarding the introduction of the calculation of a new hryvnia/euro benchmark and changes in the methodology for calculating the official exchange rate of other currencies (other than the US dollar) is ongoing.
As Ukrainian News Agency earlier reported, it was previously reported that the National Bank of Ukraine is considering the possibility of changing the base currency for the orientation of monetary policy - from the US dollar to the euro.
Such a scenario is still hypothetical, but is conditioned by a number of geopolitical and economic factors.
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