The head of the National Bank of Ukraine, Kirill Shevchenko, said that the current restrictions on the foreign exchange market are the minimum that allows maintaining financial stability.
In the first hours of Russia’s full-scale attack, the NBU temporarily fixed the exchange rate and introduced a number of currency restrictions, Shevchenko recalled.
The head of the NBU wrote about this in a column of the NV.Business publication.
“From day one, we are adjusting and optimizing these restrictions to enable citizens to satisfy all vital needs, and the economy to work and at the same time prevent unproductive capital outflow,” Shevchenko said in the material.
” For us, fixing the exchange rate and restrictions is a temporary solution . We remain committed to market approaches and the course of foreign exchange liberalization. As the volume of currency supply in the market grows thanks to the gradual resumption of exports of goods, we will return to a floating exchange rate policy , in which the exchange rate is determined by the market, and the central bank smooths out excessive exchange rate fluctuations,” the head of the NBU stressed.
Recall that on April 30, the NBU adopted a number of changes in the procedure for the functioning of the foreign exchange market . They are aimed at maintaining stability, reducing pressure on Ukraine’s international reserves and preventing unproductive capital outflows.
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