Transferring to a single market currency exchange rate and obtaining funding from the International Monetary Fund (IMF) will help stabilize the hryvnia exchange rate and even strengthen it, Ukraine's Minister of Economic Development and Trade Aivaras Abromavicius has said.
“When we get the IMF tranche, the situation will quickly normalize. The single exchange rate means that the money of exporters, hold abroad, will return too. Therefore I am expecting the hryvnia to stabilize and strengthen in the coming days,” he said on Channel 24.
The minister noted that the understated indicative and the official exchange rate of the National Bank forced exporters to hold foreign exchange earnings outside the country waiting for the exchange rate adjustment.
The minister considers that the NBU’s taking measures for the transition to the unified exchange rate of the hryvnia will reduce motivation for trading in currency on the “shadow” market and contribute to the exchange rate stabilization.
