$5 million sold to banks
The first currency auction of a series preannounced by Chair of the NBU at the meeting with bank CEOs was held on November 5, 2014, the press-office of the NBU reports.
64 banks submitted 178 auction applications totaling $26.12 million. The rate stated in the applications ranged from 12.90 – 13.81 hryvnias/US dollar.
According to the auction rules, the cut off rate was 13.41 hryvnias/US dollar. In total, 41 applications were accepted from 19 banks with the total amount making up $5 million. Meanwhile, the average rate was 13.5219 hryvnias/US dollar.
It is worth noting that 88 banks are participating in the auction, with limits set by the NBU. To follow the procedure, they should file applications for purchase of foreign currency at the proposed rate from 9.00 a.m. to 10 a.m. From 10.00 a.m. to 11.00 a.m. the bank applications are processed. A number of applications offering the highest price (with significant deviation) will be cut off and won’t participate in the auction. The average exchange rate for hryvnia is calculated based on the accepted applications, and along with the cut off rate are made public at 11.00 a.m. by the National Bank of Ukraine through the NBU’s website, in the Thomson Reuters system.
