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Economy 2019-06-15T06:05:44+03:00
Ukrainian news
NBU Expects Limited Short-Term Effect Of Results Of U.S. Presidential Election On FX Market

NBU Expects Limited Short-Term Effect Of Results Of U.S. Presidential Election On FX Market

The National Bank of Ukraine (NBU) expects a limited short-term effect of the results of the presidential election in the United States of America on the foreign exchange market.

Ukrainian News Agency learned this from an NBU comment.

"As was the case with the Brexit earlier this year, a surge of turbulence at the external markets will translate onto the Ukrainian economy through the world raw materials market. In our opinion, the outcome of the USA ballot will play on oil prices most of others. We project that prices for grains, sunflower oil and metals, Ukraine's basic export commodities, will react less sensibly and will play back the fall with time," the regulator opines.

The NBU opines that the temporary sagging of prices cannot affect the considerable earnings from the export of the new harvest for the Ukrainian FX market.

The turbulence on the global financial markets will not have any substantial impact on the FX market, given the current absence of access to the capital market for Ukraine.

The NBU expects that the inflow of earnings from the export of grain and sunflower oil can be a key factor for shaping the condition of the interbank foreign exchange market until the end of the year.

Therefore, the central bank does not expect any drop in the exchange rate posing risks of inflation surpassing the target indicators (12% for 2016 and 8% for 2017).

As Ukrainian News Agency earlier reported, Republic candidate Donald Trump has won the 58th presidential election in the United States.

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