Exchange rate policy of the National Bank was subjected to harsh criticism from
International Monetary Fund mission

The IMF representatives have accused the NBU in the artificial environment on discharge
interbank market in order to force the banks with foreign capital actively
plant in the country currency. According to the В«iВ», the largest foreign curators
banks with foreign capital turned to the IMF mission in Ukraine to demand
solve the problem of "inappropriate relationship NBU to foreign financial
groups ". According to one foreign bankers, the regulator acts
with respect to foreign banks deliberately stimulates the growth rate on the interbank market.
"Refusing to banks with foreign capital in the foreign exchange interventions (for non-compliance
standard foreign exchange position and work rate above the market average), the National Bank
encourages them to purchase foreign currency at the market rate and heighten the demand for
foreign currency. There is a risk that if the requirement
National Bank of 2% deviation of the official exchange rate on the interbank, banks with
foreign capital sharply (as of now - 10%) increase
estimated size of the foreign exchange portfolio, which will need
a capital increase ", - said one foreign banker.
The banker said that since the National Bank makes foreign banks to invest more actively
currency into the country to raise capital to support the hryvnia exchange rate and lower
burden on the reserves. "We turned to the IMF mission to assist
creation in the country equal rules of the forex market for all players "-
said the banker. The reaction of the National Bank did not hesitate. Head of NBU Volodymyr
Stelmach, who returned from vacation and had time to attend the reception hosted by President
Viktor Yushchenko announced that the government focuses on the average
hryvnia exchange rate of $ 8, 5-8, 6 grn. / $ 1. Thus, the head of the National Bank gave a new
benchmark currency market. The subsequent promise Mr. Stelmakh
sell the currency on the interbank market only auctions, and in the amount of
about $ 1 billion in September (only the population in August, bought from banks
$ 798 million more than sold), speaks to the desire to control the maximum
tighten the official exchange rate to the interbank and the last - to push
the mark of 9 UAH. / $ 1. The fact that the course must increase after
the signals from the NBU, market participants have no doubt: today liquidity
banks sufficient and overnight rates at 1-1, 5% of all those who want to
buy foreign currency, will inevitably take advantage of this opportunity. According to respondents
В«IВ» treasurers, a course in the coming days, it is easy to step over the mark of 9 UAH. / $ 1
under the influence of higher official statements of the NBU. Moreover, financiers say,
that the meaning of the Monday speech, Mr Stelmakh some banks
know more on Friday - this explains a significant amount of
Trading currencies on the interbank market at approximately $ 700 million equivalent.
It will not help bring down the hype and an additional 10%-ing reservation
(It increased to 50%), which introduced the National Bank to combat currency speculation.
"This standard banks are allowed to violate 30 times per quarter. During the first days of
September, we have made such pererezerv that we are able to break
standard by the end of the month "- said the representative of a major bank.

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