The budgetary VAT refund by export companies also influences the market.
The National Bank of Ukraine explained the excess demand for currency on interbank market by coincidence of two time factors – Christmas holidays in US and Europe and the increasing demand for currency as export companies received VAT refund. The holidays in the United States and Europe limit currency offer on the market, Head of NBU’s Open Markets Department Sergei Ponomarenko noted.
«The banks should make the obligatory sale of currency receipts on the day, following the receipt of currency. Consequently, when December 26, the working day in Ukraine, coincided with the holiday in the USA and Europe, the currency proceeds were not received on the accounts of Ukrainian banks, which limited the obligatory sale of currency on December 27», according to the NBU’s message in Facebook.
Ponomarenko emphasized that on the other hand, the demand for currency from export companies, which obtained budgetary VAT refund last and this week, puts pressure on the currency market.
NBU adds that the regulator has enough reserves for levelling of excessive fluctuations: currently, the amount of international reserves is USD 15.7 dollars.
