Hryvnia strengthens by 91 kopiykas

16:40, 02 March 2015
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The National Bank of Ukraine on Monday lowered the official hryvnia exchange rate, as the Ukrainian national currency continued to claw its way back from recent historic lows. 

REUTERS

As of 1400 the central bank set the following official exchange rates of the hryvnia against leading foreign currencies:

$100 – UAH 2,685.8114 (as of 1400 on February 27 it was UAH 2,776.3120);

EUR 100 – UAH 3,018.8520 (as of 1400 on February 27 it was UAH 3,141.9523);

10 Russian rubles – UAH 4.3834 (as of 1400 on February 27 it was UAH 4.5730).

As reported earlier, on February 24 the National Bank of Ukraine introduced a number of restrictions on the foreign exchange market, including the mandatory inspection of import contracts with an advance payment worth more than $50,000, the obligatory registration of letter of credits to complete import contracts with advance payments worth more than $500,000, and a prohibition on lending to buy currency.

The restrictions are designed to stop the rapid devaluation of the hryvnia, which since the transition to flexible exchange rate formation on the foreign exchange market has depreciated against the dollar in 2014 and two months of 2015 by 3.8 times to a new historic low of UAH 30.01 to the dollar.

The National Bank of Ukraine at 1400 on Friday set the hryvnia exchange rate at UAH 27.7631 to the dollar, or UAH 2.25 less than the last historic low rate of UAH 30.0102 set by the NBU on Thursday, February 26.

In addition to these restrictions, a number of administrative measures still continue to operate on the market, including the mandatory sale of 75% of the foreign currency earnings of exporters, a 90-day limit on the return of advance payments on import agreements, as well as limits on the maximum amounts of sales of currency to individuals of o UAH 3,000 per day and on the early withdrawal of foreign currency deposits of UAH 15,000 per day.

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