The official hryvnia exchange rate set by the National Bank of Ukraine (NBU) does not reflect the real situation on the foreign currency market, the Independent Association of Banks of Ukraine (IABU) has said.
“The results of the analysis of deals on the interbank currency market, which were used a basis for the calculation of the official exchange rate during the past two months, and the officially set show the large deviation (over 1.5 percent) between the official exchange rate and the actual exchange rates used to sell and buy foreign currency,” the press service of the IABU has reported, referring to the association’s letter sent to the NBU.
According to the conditions of the memorandum with the International Monetary Fund (IMF), the procedure for setting the official exchange rate of the hryvnia to foreign currencies was changed: today it is set each working day after 1200, but no later than 1300 as an average weighted exchange rate of sellers and buyers on the same day, according to the agreement confirmation system.
According to the legal acts of the regulator, from April 4, 2014, the official hryvnia exchange rate is in effect since the moment of its setting.
According to the IABU, the analysis of the interbank currency market shows that during the day banks sign the major part of the deals on the sale and purchase of foreign currency from 1400 to 1700.
“This means that at the moment of setting the official exchange rate by the NBU the agreements are not included in the calculation of the official exchange rate which should reflect the real market quotations,” reads the report.
