The NBU commented on the jump in the dollar exchange rate to 40 hryvnias: the increase is temporary, the situation is under control

The National Bank of Ukraine explains the rise of the US dollar to 40 hryvnias in recent days by market factors that do not pose a threat to the stability of the financial system.

In particular, the head of the NBU KyRylo Pishnyi emphasized that the National Bank operates in the mode of “exchange rate flexibility”, which involves fluctuations under the influence of supply and demand.

This was stated by the head of the NBU, Andriy Pishnyi, reports RBC-Ukraine with reference to the briefing that was broadcast on Youtube.

“We are gradually returning to the usual parameters that existed before the war”, – he noted.

Pyshnyi added that the NBU will maintain its presence on the market.

“The fluctuations that we are currently observing do not pose any threat. These dynamics are completely safe and determined by market conditions.”, – emphasized the chairman of the NBU.

The Deputy Chairman of the National Bank of Ukraine, Yurii Geletiy, added that since the second half of March, the government’s expenditures have intensified after receiving international aid of $9 billion.

“Accordingly, this led to an increase in expenses and affected the relationship between supply and demand and led to devaluation processes., – he explained.

Heletii also assured that the situation on the foreign exchange market “remains under control”.

“The NBU is an active participant, we are ready to smooth out the excessive fluctuations that we demonstrate. We have a sufficient supply of gold and foreign exchange reserves“, he noted, adding that more than 50% of interbank transactions take place without the NBU’s participation – that’s more than $100 million per day.

“The NBU monitors and controls the situation, so there is no reason for any concern.” – concluded Heletius.