NBU signs $2.4 bln currency swap agreement with China
The governor of the National Bank of Ukraine (NBU) Valeria Gontareva and the governor of the People's Bank of China Zhou Xiaochuan have signed a bilateral currency swap agreement worth UAH 54 billion and CNY 15 billion (about $2.4 billion), according to a statement posted on the NBU’s Facebook page.
According to the NBU, a new agreement for a period of three years will come into effect on June 23, 2015, and the previous agreement, concluded in 2012, will expire.
"This agreement is extremely important for our countries - strategic partners and will contribute to the economic development of both states,” the statement reads, quoting. Gontareva
“The funds provided in the framework of the agreement can be used to finance trade and direct investment between the two countries."
According to the NBU, the practical implementation of currency swap agreements will allow there to be a reduction in the demand of importers for foreign currency, which will relax pressure on the hryvnia exchange rate.
As reported earlier, in January the NBU announced the launch of a swap line with China within the framework of a three-year agreement signed in June 2012 between the National Bank of Ukraine and People's Bank of China worth a total of 15 billion yuan