National Bank of Ukraine sells almost $1.8B from reserves in June

The National Bank of Ukraine sold $1.798 billion in June, $532.97 million was sold in the week from June 26 to June 30, Report informs referring to the Ukrainska Pravda newspaper, citing the statistics of the regulator.

In total, since the beginning of the year, the National Bank has sold $12.455 billion and bought $177.89 million.

Since the end of May 2022, the regulator had to sell about $1 billion weekly from reserves to balance the interbank market. After the correction of the hryvnia exchange rate by 25%, to 36.6 hryvnia per dollar, in mid-July the situation stabilized, and weekly currency sales are kept within half a billion.

The National Bank uses the sale of foreign currency from reserves, in particular, to contain pressure on the foreign exchange market caused by the issuance of the hryvnia. It also sells currency to balance the market of exporters and importers to maintain a fixed rate.