Ukraine’s Central Bank Boosts Dollar Sales to Help Hryvnia
Ukraine’s central bank increased sales of foreign currency by 20 percent last month to support the national currency, the hryvnia.
The Natsionalnyi Bank Ukrainy, which is based in the capital, Kiev, spent $2.17 billion in October to meet demand from the population, compared with $1.8 billion a month earlier, according to a statement on its website today.
The central bank said its reserves declined last month to $26.8 billion compared with $29.3 billion in September. The NBU has been supporting the hryvnia by buying and selling dollars on the interbank market.
Ukraine’s legislature approved a bill earlier this week giving the central bank the power to determine the amount and terms of exporters’ obligatory sales of foreign-currency earnings.
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