The government of Ukraine has included participation in approximately 70 foreign exhibitions in the list of works and services, for import operations of which the National Bank is recommended to ensure the implementation of transfers, the Ministry of Economy has reported.
“The list, drawn up based on the results of a dialogue with industry associations and enterprises, includes about 70 specific exhibitions that will be held abroad in autumn 2022 – spring 2023. For example: Ukrainian Infrastructure Forum of Strategy Council in London, Fruit Logistica in Berlin, Agrotech 2023 in Polish Kielce,” the ministry said on its website.
There is also an opportunity for Ukrainian manufacturers to participate in international exhibitions of the furniture industry, international medical and pharmaceutical exhibitions.
The Ministry of Economy recalled that in September, Ukrainian exports of goods rose to a record high since the beginning of the war: $4.114 billion.
The National Bank of Ukraine (NBU) has increased from UAH 50,000 to UAH 100,000 (equivalent) the monthly limit on the purchase of non-cash foreign currency by citizens with subsequent placement on an irrevocable deposit for at least three months.
“Such changes will further reorient the demand of the population from foreign cash to non-cash, because transactions for the sale of non-cash currency by banks are carried out at a rate closer to the official than for the sale of cash, more convenient and safer,” the NBU website said on Friday.
As reported, with the outbreak of war on February 24, the National Bank banned the sale of non-cash currency to citizens, and on July 21 partially allowed it – up to UAH 50,000 per month on an irrevocable deposit of three months.
The National Bank of Ukraine (NBU) has canceled the licenses of FC Constanta M, DSD Finance, 24 Online and Financial Guarantee, which cover 15% of the currency exchange market, for violating the requirements of currency legislation, the press service of the regulator said on Friday.
According to the report, the central bank also fined Finovis and 24 Online companies UAH 151,000 each for violating money laundering laws.
It is indicated that as of August 4, the NBU conducted 40 inspections of structural units of 15 non-banking financial institutions.
These decisions were made at a meeting of the Committee on Supervision and Regulation of the Markets of Non-Banking Financial Institutions on August 5.
In the week from April 4 to 8, the National Bank of Ukraine again sold more currencies than it bought: dollars – by $ 211 million, euros – by EUR 84.9 million, which, however, is more than two times less than a week earlier, when the “net” sale amounted to $282.1 million and EUR299.8 million.
According to the NBU on its website, this week it bought only $11.5 million and EUR5.5 million, while their sale amounted to $222.5 million and EUR90.3 million.
As reported, in the first week and a half after the war started by Russia on February 24, the “net” purchase of foreign currency by the National Bank amounted to $690.3 million and EUR20 million, since the ban on the purchase of foreign currency had just been introduced, and the list of critical imports had not yet been significantly expanded.
However, in the following weeks, the volume of currency purchases by the central bank began to fall, while the volume of its sale increased. At the same time, last week was the first when the growth trend of “net” sales stopped, and its volumes even slightly decreased compared to the previous week: to the equivalent of $611.9 million from $618.6 million a week earlier, and this week they fell twice at once.
In total, since the beginning of the year, the National Bank has purchased $1 billion 778.8 billion and EUR80.2 million on the market, and sold $4 billion 501.9 million and EUR1 billion 82.7 million, including since the beginning of the war the purchase of foreign currency amounted to $1 billion 121.9 million and EUR80.2 million, and the sale of $1 billion 731.7 million and EUR1 billion 82.7 million.
Ukraine’s international reserves as of April 1, 2022, according to preliminary data, amounted to $28 billion 107.5 million (in equivalent), which is 2% more than at the beginning of March ($27.538 billion).
The National Bank of Ukraine (NBU) will soon consider some relaxations regarding foreign exchange operations, said the head of the National Bank of Ukraine (NBU) Kyrylo Shevchenko.
“I think that in the near future we will consider some concessions regarding foreign exchange transactions. In principle, we are already doing them,” he said in an interview with Economic Truth.
The head of the NBU added that today the difference between the official rate and the rate on the black market has begun to narrow quite significantly compared to what it was at the beginning of the war.
“If at the beginning of the war we saw in exchangers that the exchange rate fluctuated around UAH 40/$, today the average cash market rate is 31.63-32.05 UAH/$. This is not a very wide spread and this makes us happy”, he pointed out.
As reported, on February 24, the National Bank suspended the work of the foreign exchange market of Ukraine, except for the sale of foreign currency, and fixed the rate at the level of February 24.
The hryvnia exchange rate, when plans to introduce a state of emergency were announced, fell below the level of UAH 29.5/$1 on the interbank market on Wednesday afternoon.
As one of the market participants told Interfax-Ukraine, in the first half of the day, thanks to the efforts of the National Bank, it was kept at the level of UAH 29.3-29.35/$1 compared to UAH 29.05/$1 at the end of the day on Tuesday, however, some transactions have now appeared much cheaper than UAH 29.5/$1.
The weakening of the hryvnia is also taking place in the cash market, where since the beginning of the day the bid quotes have risen from about UAH 29/$1 to UAH 29.2/$1, while the selling rate has risen from UAH 29.3/$1 to UAH 29.7/$1.
In the cash market among individuals, according to the finance.ua resource, the hryvnia exchange rate has already fallen to UAH 30/$1.
As reported, last week, after two weeks of net redemption of foreign currency, the NBU again returned to its net sale to support the hryvnia: the sale amounted to $503 million, the purchase – $50 million, although since the beginning of the year the National Bank has sold $2.064 billion and bought – $0.657 billion.
However, another aggravation on the part of Russia and its recognition of the so-called “L/DPR” with the next territorial claims this week led to the weakening of the hryvnia by almost 4%, and the need for the National Bank to again enter the market with interventions to support the hryvnia. Its additional interventions are estimated at over $400 million.
