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Economy 2019-12-11T04:02:54+02:00
Ukrainian news
Bankers Attribute Strengthening Of Hryvnia To End Of Tax Period, Forecast Its Devaluation To 24.50 UAH/USD Bef

Bankers Attribute Strengthening Of Hryvnia To End Of Tax Period, Forecast Its Devaluation To 24.50 UAH/USD Before December

bank, Bankers, hryvnia, exchange rate

Bankers attribute the strengthening of the hryvnia to the end of the tax period and forecast its devaluation to 24.50 UAH/USD at the end of November.

Bankers stated this to the Ukrainian News Agency.

“We expect a slight return to the level of 24.50 UAH/USD by the end of this week. The reason for this is the small volume of OVDP auction that was announced and the increased level of activity among buyers of foreign currency at about 24.10-24.20 UAH/USD. The main factor responsible for the strengthening of the hryvnia is the end of the tax period (the payment of large amounts of taxes for the third quarter by exporters). This was the main reason for the sale of large amounts of foreign currency," said Stanyslav Lisianskyi, the head of the investment and trading business department at the Alliance bank.

According to him, the hryvnia is expected to rise slightly to 24.50-24.70 UAH/USD at the end of the month, but everything will depend on the OVDP auction scheduled for November 26.

According to a representative of Idea Bank, the hryvnia is confidently approaching the rate of 24.00 UAH/USD rate on the interbank currency market.

"OVDP purchases by non-residents and active sales of foreign currency by exporters to finance their current business activities remain the main reasons for the strengthening of the hryvnia. In addition, the period of budget payments is approaching, and this is also a factor for strengthening the national currency," the banker said.

The Idea Bank is forecasting that the hryvnia exchange rate will fluctuate in the ranges of 24.00-24.40 UAH/USD this week, 24.00-24.50 UAH/USD by the end of the month, and 24.50-25.50 UAH/USD by the end of the year.

As Ukrainian News Agency earlier reported, the hryvnia has strengthened by 12.81% from 27.72 UAH/USD to 24.17 UAH/USD on the interbank market since the beginning of this year.

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