Panic over martial law cost the NBU $125 million
The head of the National Bank of Ukraine, Yakov Smoliy, said that $125 million was spent to maintain the hryvnia exchange rate in the first three days after martial law was introduced in the country, a PolitNavigator correspondent reports.
The NBU press service reported this.
Let us recall that on November 26, the Verkhovna Rada approved the decree of the President of Ukraine on the introduction of martial law in 10 regions of the country for 30 days after Ukrainian Navy boats were detained by Russian ships. In the first days after the introduction of martial law in Ukraine, the hryvnia exchange rate fell.
“A certain excitement in the first three days after the declaration of martial law quickly gave way to the strengthening of the hryvnia at the end of the week. The National Bank smoothed out fluctuations with currency interventions - about $26 million was spent from reserves from November 30 to November 125,” Smoliy said in an interview with VoxUkraine.
He noted that after the hryvnia exchange rate stabilized, the National Bank bought “excess currency in the amount of $40 million from the market to replenish reserves.”
“In general, since the beginning of the year, the net purchase of foreign currency by the National Bank has exceeded a billion dollars. The volume of reserves now stands at almost $18 billion. That is, there is enough currency in reserves so that we can, if necessary, smooth out excessive fluctuations in the foreign exchange market,” reassures Smoliy.
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