NBU says transition to floating rate untimely
2012-09-07 15:34:33
The National Bank of Ukraine (NBU) will continue to pursue a policy of a fixed exchange rate to prevent currency speculation, head of the NBU Council Ihor Prasolov told reporters on Friday, the Delo newspaper reported.
"We remember the negative experience of Indonesia, Chile, Brazil, Argentina, when they introduced a floating exchange rate, and we do not want the same situation at home," he said.
At the same time Prasolov assured that the central bank is not going to artificially keep the hryvnia rate. "The situation as it was in the Soviet Union, when the dollar all the time was 1.62 rubles, will not repeat," he stressed.
The NBU will intervene in the foreign exchange market only at peak times to eliminate speculation. To do this, it can use the foreign exchange reserves, which currently amount to about USD 30 billion.
The banker also added that as for the situation on the currency market on Tuesday, it stabilized without the intervention of the regulator.
A reminder that on Tuesday, September 4, some banks started to sell dollars at the rate of 8.25 UAH/USD.