Economy 2022-11-15T05:04:04+02:00
Ukrainian news
NBU Wants To Amend Calculation Of Hryvnia Official Exchange Rate

NBU Wants To Amend Calculation Of Hryvnia Official Exchange Rate

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NBU, hryvnia, exchange rate, hryvnia exchange rate

The National Bank of Ukraine (NBU) proposes for public discussion proposals on amendments to the regulation on the establishment of the official exchange rate of the hryvnia against foreign currencies and the calculation of the reference value of the exchange rate against the dollar and the accounting price of bank metals.

The NBU has said this in a statement, Ukrainian News Agency reports.

The amendments involve adjusting the approaches before cutting off trades with extreme parameters.

In particular, it is proposed to abandon the cut-off of transactions, the volume of which deviates by more than two standard deviations from the arithmetic mean of a number of transactions in order to reduce data losses when calculating the official/reference exchange rate of the hryvnia to the dollar.

Instead, introduce an approach according to which agreements with the most relevant volume for the Ukrainian interbank market, namely from 0.1 to 5 million dollars, are taken into account in the calculation of the official/reference rate of the hryvnia.

The parameters of the most relevant volume of transactions in the future may be revised in the cased of corresponding changes in the foreign exchange market.

Besides, it is proposed to remove at the first stage cutoffs from the calculation of transactions that differ by 2% from the median of the rate of the initial series of transactions, and not from the arithmetic mean of the rate of the initial series of transactions.

It is proposed to change the time of data collection to calculate the official exchange rate of the hryvnia against foreign currencies (both for hryvnia/USD transactions and for BFIX indicators) from 03:30 p.m. to 03:00 p.m. Kyiv time.

In such conditions, the official exchange rate of the hryvnia to foreign currencies will be announced until 03:30 p.m. (now - until 04:00 p.m.) Kyiv time.

At the same time, it is proposed to determine the procedure for calculating the reference rate of the hryvnia to the dollar under special conditions in a similar way to the existing mechanism for calculating the official exchange rate of the hryvnia to the dollar under special conditions and to set the control time for the available number of transactions - 11:30 a.m. Kyiv time.

To date, such a mechanism has been defined only for calculating the official exchange rate of the hryvnia against the dollar, at the same time it has not been defined for the reference value of the hryvnia against the dollar.

The corresponding changes have been prepared in order to:

- reduction of data loss when calculating the official/reference exchange rate of the hryvnia to the dollar at the stage of cutting off transactions with extreme parameters (a recommendation on this matter was provided by the technical mission in the direction of the "Exchange Rate Assessment Mechanism", organized with the support of the Swiss State Secretariat for Economic Affairs (SECO) ;
- increasing the convenience of using the official exchange rate of the hryvnia to foreign currencies as a financial indicator (benchmark) in settlements on transactions on the day of its establishment - due to changes in the time of data collection for its calculation and publication;
- determination of a mechanism for calculating the reference value of the hryvnia to the dollar in special conditions, which is necessary to comply with the principles of IOSCO.
As Ukrainian News Agency earlier reported, in December 2019, the National Bank decided to change the numerical value of the official exchange rate of the hryvnia to the dollar and publish it at the rate of 1 dollar instead of 100.
The National Bank decided to publish the daily official exchange rate of the hryvnia to currencies 2 hours earlier, by 04:00 p.m., from December 27, 2019.

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