MOSCOW, July 2 Since the beginning of 2023, the National Bank of Ukraine (NBU) has sold $12.455 billion of reserves and bought $177.89 million, reports the Ukrainian edition of «Economic Truth».
“In total, since the beginning of the year, the NBU has already sold $12.455 billion, and bought $177.89 million,” reads a message on the publication’s website, citing the regulator’s data.
According to the publication, in June the regulator sold 1.798 billion dollars, last week — 435.82 million dollars.
Since the end of May 2022, the NBU has been forced to sell about $1 billion from its reserves weekly to balance the interbank market. After the exchange rate correction by 25% to 36.6 hryvnia per dollar in mid-July, the situation has stabilized, and weekly currency sales are kept within half a billion.
The NBU uses the sale of currency from reserves, in particular, to contain pressure on the foreign exchange market caused by the issuance of the hryvnia. He also sells currency to balance the market of exporters and importers to maintain a fixed exchange rate.