“The convertibility of hryvnia was only 5.1% devalued in 2022, compared to 14% devalued in the same number of days in March 2020. Ukraine’s currency market is now much more shock-resistant than in previous crises” as the National Bank of Ukraine press office reports.
"If one compares the current situation with the shock caused by Covid-19 in march 2020 when the quarantine restrictions came into effect, one can see several differences: since the beginning of 2022, the NBU has sold $1.068 billion from reserves to stabilize the situation, while for the same period in March 2020 — $2.2 billion, i.e. less than half this year," the report says.
It is also noted that, in January 2022, the population bought a currency worth $165 million.
It is also a positive sign that the cash market has not moved far away from the interbank convertibility, and the National Bank has not recorded a single request that there are no foreign notes in the banks or currency exchange counter.
The National Bank of Ukraine will continue to adhere to the policy of flexible exchange formation and is ready to apply, if necessary, a set of monetary instruments for stabilizing the situation on the foreign currency market and minimizing the psychological factor of weakening the hryvnia.
