Authorities intervene in the FX market to bolster the UAH

Ukraine\'s authorities yesterday decided to avoid drawing attention to the noticeable exchange rate weakening a day before that caused public arousal. On Tuesday, late night TV shows focusing on the inner workings of local politics were nearly all devoted to the looming \'financial crisis\'. On one show, a ruling Party of Regions MP guest speaker promised that there would an exchange rate reversal the next day. Indeed, the NBU and state-run banks were on the sell side of the FX market yesterday, effectively pushing the USD/UAH rate to 8.2600/USD from 8.3050/USD a day earlier, according to Interfax-Ukraine.
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