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Ukraine has seen US $1.6bn in investment since January 1

April 7, 2010

Even without a regulator, Ukraine’s currency market has shown a steady “positive” mood this last month, according to Valeriy Lytvytskiy, chair of the group of advisors to the Governor of the NBU. This is partly due to both a rise in confidence among voters in Ukraine, says Mr. Lytvytskiy, which has begun to return foreign currency to banks, to sales of export commodities, and to the arrival of non-resident foreign investors, who have put US $1.6bn in foreign currency into Ukraine since the start of the year.

According to Mr. Lytvytskiy, the National Bank of Ukraine bought US $1.372bn on the interbank currency market in March alone, for a total of US $1.473bn since the beginning of the year. Moreover, in March, the regulator topped up its reserves by US $600mn. On March 29, gold and currency reserves were up to US $24.82bn. The NBU Board expects to raise their reserves to US $25bn by the end of the month.

“To say that the NBU is buying up currency on the interbank exchange and somehow running a policy of fixing the exchange rate would be wrong,” says Mr. Lytvytskiy. “It’s not like that at all, as we are buying up surplus currency that is on offer, not because we simply want to set the exchange rate and not allow the hryvnia to strengthen.”

Moreover, since the economy has begun to grow again, the market needs money, “and we provide it,” the banker says. “I can also state firmly that, even without our participation on the market, the exchange rate has not been shifting much, but fluctuating by hundredths or thousandths of kopiykas.”

Tags: investment, money