Falling dollar: what to expect on the currency market in Ukraine
1 November 2024 13:13
On Friday, November 1, the average purchase rate for a cash dollar in Ukrainian banks fell by 2 kopecks compared to Thursday. This was reported by
Thus, the minimum dollar purchase rate in banks is UAH 40.55, the maximum is UAH 41.21. For sale, the minimum rate is UAH 41.45, the maximum is UAH 41.7.
In addition, the rate for selling the US dollar has also dropped. As of November 1, it is currently at UAH 41.53. This means that the exchange rate has fallen by 3 kopecks.
In an exclusive commentary
“The slight strengthening of the hryvnia, which is happening now, suggests that we can talk about the stabilization of the Ukrainian economy, the stabilization of international trade, and the direct consequences of the fact that Ukraine continues to receive very good external financial support from various sources,” the economist explained.
The consequences of this, according to Novak, are a slight strengthening of the hryvnia, in which the most important thing is the trend, the dynamics of the fact that, unlike the currency of the aggressor country, the Russian Federation, i.e. their ruble, the Ukrainian hryvnia is strengthening against the background of the fact that military operations are taking place on the territory of Ukraine, a fairly large part of our territory, which is also industrially and agriculturally saturated, is occupied, in the East and South of Ukraine. But despite all this, we have a stable currency exchange rate and a stabilized economy.
In addition, as NBU Governor Andriy Pyshny said at the briefing, using the managed exchange rate flexibility regime, the NBU will compensate for the structural shortage of foreign currency in the private sector and smooth out excessive exchange rate fluctuations.
“The exchange rate will fluctuate moderately in both directions in response to changing market conditions, which will further strengthen the adaptability of the foreign exchange market and the economy,” he said.
According to him, the dynamics of the exchange rate will be in line with the NBU’s objectives to keep inflation expectations under control.
