The National Bank conducted a new type of interventions only once.

In early November 2016, the National Bank reconsidered the rules of interbank operation and decided to conduct currency interventions in a new format – with request for best quotation. However, since then NBU only once tried to conduct such intervention.

«The National Bank conducted currency intervention in the form of request for best quotation only once – on December 29, 2016», NBU said.

This attempt was ineffective. «NBU came into the market for mitigating excessive fluctuations of the hryvnia rate on that day. However, no agreement was concluded, as the fact of NBU coming into the market with currency proposal turned out to be sufficient for decreasing the volatility of market quotations», NBU reported.

On the same day, December 29, NBU conducted a regular auction among all banks – sold $59.1 mln with the demand for $87.4 mln and the promise to sell up to $100 mln.

According to Resolution №397, the main point of this intervention on best quotation is simple: NBU requests quotation for purchase and sale of foreign currency from 20 banks with the largest volumes of currency purchase and sale for the previous quarter, after which it conducts currency exchange transactions with banks, which offered the best quotation.

On November 1, NBU chose 20 banks for such interventions in IV quarter 2016. In early 2017, NBU changed criteria and changed the list of top twenty banks.

In comparison to the list of banks for IV quarter 2016, the new list does not include Bank ¾, Alliance, Globus, Platinum Bank. However, VTB Bank, ING Bank Ukraine, Procredit Bank, Ukrgasbank appeared in the list.

The banks, which maintained their positions: Alfa Bank, Bank of Investments and Savings, Diamantbank, Credit Agricole, OTP Bank, Oschadbank, PrivatBank, Pivdenny Bank, Prominvestbank, PUMB, Raiffeisen Bank Aval, Oshchadbank, Citibank, Ukreximbank, Ukrsibbank, Ukrsotsbank.