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Ukrsibbank Research: FX and interest rates: UAH recovers after decline below 26 vs the USD

July 24, 2019 | Cbonds

The last week have been fruitful for the Ukrainian currency, with the USD/UAH pair bounced off to 25.65 mark (by the end of July 23). The hryvnia was boosted both by seasonal factors and general improvement in market sentiments on early results of the parliamentary elections.
As it is usual for height of harvesting campaign, a stable source of fresh foreign currency (FX) on the market was provided by large agricultural exporters. This supply was also supported by local purchases of hryvnia for follow-up salary repayments by other export oriented companies, notably from IT sector.
Market was also positively responding on the signs the presidential party to consolidate the majority in the Rada, hoping on decreasing of political instability, and improvement of economic conditions and hryvnia expectations.
As in the first half of the last week hryvnia was struggling, the NBU performed little activity in the market, with total amount of FX interventions decreased to USD40mn per week from USD138.5mn.
Later in the current week, the hryvnia is expected to continue following an upward trend on the back of strong FX supply from both exporters and foreign investors. Induced by speculations about upcoming nominations to the government, non-residents might be willing to increase their investments in local government bonds.

Company: UkrSibbank

Full company namePJSC "UkrSibbank"
Country of riskUkraine
Country of registrationUkraine
IndustryBanks

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