Gontareva called the collapse of the hryvnia a search for an equilibrium exchange rate
Kyiv, November 11 (PolitNavigator, Victoria Litovchenko) – The head of the National Bank of Ukraine Valery Gontraeva believes that a search for an equilibrium exchange rate for the hryvnia is now underway.
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“We definitely did it right (foreign exchange intervention in the amount of $1,3 billion over the past two months to maintain the exchange rate at 12,95 UAH per dollar - editor’s note), because the situation is when your industry is destroyed, when in the ATO zone – 15% of industry, 10% of GDP, in the Donetsk and Lugansk regions, if you look wider than the ATO zone, – 25% of GDP. We calculated that we would not see foreign currency earnings for several months,” she said on Shuster Live.
According to her, the National Bank received support, including from the IMF.
“We are adherents of a flexible course, free. We are looking for a new equilibrium state of the exchange rate,” Gontareva said.
She explained that the moment to “search for an equilibrium state of the exchange rate” was chosen after the forecast for a decline in GDP improved from 9% to 7%, and Ukraine “purchased gas for the winter season.”
As PolitNavigator reported, the dollar exchange rate on the interbank market exceeded 16,25 hryvnias, and the euro – 20 hryvnias.
Gontareva called the hryvnia's collapse a search for an equilibrium exchange rate.