Sales NBU currency at a favorable rate on the cash market resulted in a rise in price of the dollar …
Exchange rates last week became the most profitable business in the country. During two days of currency trading on the interbank market the National Bank sold the Trust for sale on the cash market of $ 262 million, and the Ukrainians with the chance to earn a respectable resale dollar. Holding out and buying all the grace buck from NBU 8,16 UAH. /$ In one bank, they immediately sold it to another according to the exchange - 8,4-8,5 grn ./$.
uncomplicated earnings in 240-340 UAH. at a time on each one thousand dollars these newly inspired me, and they are actively Cruising around the city in search of easy money. The result of such manipulations in the end of the week was an uncovered deficit of SLE in the cash market: bought a cheap green, people immediately dropped it and again left without currency. Besides the end of the week dollar hysteria has resulted in increased commercial cash rate - in some regions at once for 5-7 cop.
Currency
Race
National Bank
desire to throw cash at the market at a favorable dollar exchange rate was a real surprise for ordinary Ukrainians and financiers. Last Tuesday he sent a letter (№ 13-121/5620- 5936), in which he stated that carry out targeted interventions 25 and 27 August at the rate of 8 grn. /$. To participate in the purchase of soft dollar bank had to fulfill several conditions: to sell it to people for no more than 2% above the rate of NBU (by 8,16 UAH. /$) And not more than 8 ths. in one set of hands in one day. At resale natsbankovskogo dollar allocated five working days, at the Sixth Finnish-agency pledged to return the regulator unsold balances greater than $ 1 thousand If the bank violates the rules, it could not be allowed to participate in subsequent interventions.
To heighten the fear almost simultaneously with the appearance of these regulations Minister Vladimir Stelmakh the same day, published on its website the results of recent inspections of foreign exchange financial establishments. In January-July 2009 the number of inspections increased by 60% (up to 840 checks), and the amount of fines are granted by their results - by 41% to 935 million grn.
respond promptly to the appeal of the regulator to buy a dollar for spot market managed a few. According to unofficial information, the intervention of the National Bank on August 25 bought only about a dozen financial establishments. According to first deputy chairman of the National Bank of Ukraine Anatoly Shapovalov, on Tuesday it has sold $ 92 million, but natsbankovsky Monetary gesture no one advertised, and ordinary Ukrainians are mostly not understood why some financial institution (to participate in the redemption of the intervention of the central bank) have put in their two branches of the dollar - price and commercial, as well as the need to bring a passport (in some cases and identification codes) when buying the U.S. currency to 8,16 UAH. /$. So the first consumers of cheap currencies became friends of bankers and professional money-changers, foraged on the black currency market.
population beginning any active buying natsbankovskuyu currency only on Wednesday evening. But in most cases it is not settled for long in a purse of our compatriots.
The big difference in the rate of market purchases and preferential dollar has created conditions for currency speculation. Many buyers of foreign exchange on 8,16 UAH. /$ immediately sold it to 8,4 UAH ./$, - analysts said the investment fund Interfon Victoria Kernesh. If in Kiev, citizens have been able to find exchangers with an attractive rate, then in the regions where they were little.
According to my estimates, the capital accounted for 70% of discount currencies, regions also got only 30%, - said Deputy Head of Treasury Department FUIB Anton Stadnik. According to financial experts, selling the dollar at 8.16 UAH. /$ In modest volumes was carried out only in a few large cities: Kharkiv, Dnipropetrovsk, Donetsk, Odessa and Lviv.
Although the second purchase of cash interventions NBU in the interbank market on August 27th volume of $ 170 million has already participated in 100 banks, monetary geography increased insignificantly, and many Ukrainian cities have not seen a cheap dollar. Moreover, most financial establishments, bought natsbankovskoy currency, on Thursday-Friday stopped selling it openly, upon presentation of a passport. Obligatory condition of purchase bucks on 8,16 UAH. /$ Was placing the entire amount or part thereof on deposit. Otherwise they are simply denied the sale of hard currency. Later manifested itself, and another problem: by Friday for a number of banks began to experience problems with the purchase of foreign currency - cashiers claimed they had no presence in the hryvnia.
But it was not a mass phenomenon, but some of them reinforced the cashier in the right quantity, because were not ready to purchase a higher dollar volume, - assured the Director of the Treasury OJSC CB Khreschatyk Alexey Kozyrev.
Course swing
According to the financiers, two interventions NBU cash totaling $ 262 million is not enough to meet public demand for hard currency. I think the cash market was satisfied only by 35-40% and to relieve tension National Bank had to sell at least $ 550-650 million, - said Mr. Kozyrev.
confirmed a cash deficit of the dollar in exchange of cash and increase commercial rates: by the end of last week, in some regions they reached 8,55-8,6 grn. /$, average rates were the same 8,5-8,53 grn. /$. So far it is not clear whether the regulator will continue to sell dollars to banks for obmenok in the future. The decision to intervene for the spot market was taken only on 25 and 27 August. In reviewing their performance, the NBU will think about the advisability of a new intervention, - said the director of the Department for Management of foreign exchange reserves and the implementation of open market operations the National Bank of Nicholas Melnychuk.
interviewed financiers predict two options for further developments. We assume that the central bank still realizes that this kind of intervention, spilling into an epidemic of speculation, do not give the expected results - the excitement in the cash market is not extinguished, and try to reduce non-cash rate by active selling of U.S. currency to commercial financial institution. But we do not exclude that the NBU will repeat the exits in the nation, but only after stringent requirements of cash interventions, and general rules of spot market, - said deputy head of one of Kiev's banks.
Last week, the regulator of the banking system circulated the draft resolution, which will tighten the existing rules work on the cashmarket. In accordance with the financial institution may not charge commission when buying and selling hard currency through cash, and sell the same physical persons currency by more than 85 thousand UAH. In addition, banks are going to bind the sale of the citizens of SLE for more than 15 thousand UAH. require valid passports.
Similar measures have already been imposed NBU at the peak of the crisis last autumn, but then their performance was low, - commented on the proposed novation head of analysis and research of Raiffeisen Bank Aval Dmitry Sologub.
first option for strengthening the hryvnia - decrease cash value of the dollar by strengthening the national currency cashless quotations, according to financial experts, can be implemented not earlier than one week. Most of the respondents BO Bankers are confident that in September, the regulator will resume selling U.S. commercial financial institution, and quotes interbank hryvnia start to grow. According to the requirements of the International Monetary Fund, the NBU can spend on the maintenance of non-cash national currency rate is not more than $ 700 million, and a portion of sales in August, he performed in the first half of the month. Over the last two weeks interbank rate dropped from 8,35 UAH. /$ 8.51 up to UAH. /$.
stop the devaluation of the hryvnia be consistent regulation of the National Bank through systematic interventions. In addition to cash, it would be nice to maintain and clearing the market, because they are closely linked, - said the deputy chairman of BM Bank Taras Kiyak.
projected financiers in the first half of September after the resumption of interventions NBU, as now expected at the rate of 8 grn. /$, non-cash hryvnia exchange rate may revert to 8,15-8,2 grn. /$. At the same time, they do not exclude a repetition of the August devaluation of the script with the National and foreign currency at the end of the month (when the central bank once again chooses a limit on the entire volume of intervention in the interbank market): According to optimistic forecasts - up to 8,5-9 grn. /$ Pessimistic — to 9,2-9,5 grn. /$.
Elena Lysenko
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Moneychangers undermined rate
Sales NBU currency at a favorable rate on the cash market resulted in a rise in price of the dollar …
Exchange rates last week became the most profitable business in the country. During two days of currency trading on the interbank market the National Bank sold the Trust for sale on the cash market of $ 262 million, and the Ukrainians with the chance to earn a respectable resale dollar. Holding out and buying all the grace buck from NBU 8,16 UAH. /$ In one bank, they immediately sold it to another according to the exchange - 8,4-8,5 grn ./$.
uncomplicated earnings in 240-340 UAH. at a time on each one thousand dollars these newly inspired me, and they are actively Cruising around the city in search of easy money. The result of such manipulations in the end of the week was an uncovered deficit of SLE in the cash market: bought a cheap green, people immediately dropped it and again left without currency. Besides the end of the week dollar hysteria has resulted in increased commercial cash rate - in some regions at once for 5-7 cop.
Currency
Race
National Bank
desire to throw cash at the market at a favorable dollar exchange rate was a real surprise for ordinary Ukrainians and financiers. Last Tuesday he sent a letter (№ 13-121/5620- 5936), in which he stated that carry out targeted interventions 25 and 27 August at the rate of 8 grn. /$. To participate in the purchase of soft dollar bank had to fulfill several conditions: to sell it to people for no more than 2% above the rate of NBU (by 8,16 UAH. /$) And not more than 8 ths. in one set of hands in one day. At resale natsbankovskogo dollar allocated five working days, at the Sixth Finnish-agency pledged to return the regulator unsold balances greater than $ 1 thousand If the bank violates the rules, it could not be allowed to participate in subsequent interventions.
To heighten the fear almost simultaneously with the appearance of these regulations Minister Vladimir Stelmakh the same day, published on its website the results of recent inspections of foreign exchange financial establishments. In January-July 2009 the number of inspections increased by 60% (up to 840 checks), and the amount of fines are granted by their results - by 41% to 935 million grn.
respond promptly to the appeal of the regulator to buy a dollar for spot market managed a few. According to unofficial information, the intervention of the National Bank on August 25 bought only about a dozen financial establishments. According to first deputy chairman of the National Bank of Ukraine Anatoly Shapovalov, on Tuesday it has sold $ 92 million, but natsbankovsky Monetary gesture no one advertised, and ordinary Ukrainians are mostly not understood why some financial institution (to participate in the redemption of the intervention of the central bank) have put in their two branches of the dollar - price and commercial, as well as the need to bring a passport (in some cases and identification codes) when buying the U.S. currency to 8,16 UAH. /$. So the first consumers of cheap currencies became friends of bankers and professional money-changers, foraged on the black currency market.
population beginning any active buying natsbankovskuyu currency only on Wednesday evening. But in most cases it is not settled for long in a purse of our compatriots.
The big difference in the rate of market purchases and preferential dollar has created conditions for currency speculation. Many buyers of foreign exchange on 8,16 UAH. /$ immediately sold it to 8,4 UAH ./$, - analysts said the investment fund Interfon Victoria Kernesh. If in Kiev, citizens have been able to find exchangers with an attractive rate, then in the regions where they were little.
According to my estimates, the capital accounted for 70% of discount currencies, regions also got only 30%, - said Deputy Head of Treasury Department FUIB Anton Stadnik. According to financial experts, selling the dollar at 8.16 UAH. /$ In modest volumes was carried out only in a few large cities: Kharkiv, Dnipropetrovsk, Donetsk, Odessa and Lviv.
Although the second purchase of cash interventions NBU in the interbank market on August 27th volume of $ 170 million has already participated in 100 banks, monetary geography increased insignificantly, and many Ukrainian cities have not seen a cheap dollar. Moreover, most financial establishments, bought natsbankovskoy currency, on Thursday-Friday stopped selling it openly, upon presentation of a passport. Obligatory condition of purchase bucks on 8,16 UAH. /$ Was placing the entire amount or part thereof on deposit. Otherwise they are simply denied the sale of hard currency. Later manifested itself, and another problem: by Friday for a number of banks began to experience problems with the purchase of foreign currency - cashiers claimed they had no presence in the hryvnia.
But it was not a mass phenomenon, but some of them reinforced the cashier in the right quantity, because were not ready to purchase a higher dollar volume, - assured the Director of the Treasury OJSC CB Khreschatyk Alexey Kozyrev.
Course swing
According to the financiers, two interventions NBU cash totaling $ 262 million is not enough to meet public demand for hard currency. I think the cash market was satisfied only by 35-40% and to relieve tension National Bank had to sell at least $ 550-650 million, - said Mr. Kozyrev.
confirmed a cash deficit of the dollar in exchange of cash and increase commercial rates: by the end of last week, in some regions they reached 8,55-8,6 grn. /$, average rates were the same 8,5-8,53 grn. /$. So far it is not clear whether the regulator will continue to sell dollars to banks for obmenok in the future. The decision to intervene for the spot market was taken only on 25 and 27 August. In reviewing their performance, the NBU will think about the advisability of a new intervention, - said the director of the Department for Management of foreign exchange reserves and the implementation of open market operations the National Bank of Nicholas Melnychuk.
interviewed financiers predict two options for further developments. We assume that the central bank still realizes that this kind of intervention, spilling into an epidemic of speculation, do not give the expected results - the excitement in the cash market is not extinguished, and try to reduce non-cash rate by active selling of U.S. currency to commercial financial institution. But we do not exclude that the NBU will repeat the exits in the nation, but only after stringent requirements of cash interventions, and general rules of spot market, - said deputy head of one of Kiev's banks.
Last week, the regulator of the banking system circulated the draft resolution, which will tighten the existing rules work on the cashmarket. In accordance with the financial institution may not charge commission when buying and selling hard currency through cash, and sell the same physical persons currency by more than 85 thousand UAH. In addition, banks are going to bind the sale of the citizens of SLE for more than 15 thousand UAH. require valid passports.
Similar measures have already been imposed NBU at the peak of the crisis last autumn, but then their performance was low, - commented on the proposed novation head of analysis and research of Raiffeisen Bank Aval Dmitry Sologub.
first option for strengthening the hryvnia - decrease cash value of the dollar by strengthening the national currency cashless quotations, according to financial experts, can be implemented not earlier than one week. Most of the respondents BO Bankers are confident that in September, the regulator will resume selling U.S. commercial financial institution, and quotes interbank hryvnia start to grow. According to the requirements of the International Monetary Fund, the NBU can spend on the maintenance of non-cash national currency rate is not more than $ 700 million, and a portion of sales in August, he performed in the first half of the month. Over the last two weeks interbank rate dropped from 8,35 UAH. /$ 8.51 up to UAH. /$.
stop the devaluation of the hryvnia be consistent regulation of the National Bank through systematic interventions. In addition to cash, it would be nice to maintain and clearing the market, because they are closely linked, - said the deputy chairman of BM Bank Taras Kiyak.
projected financiers in the first half of September after the resumption of interventions NBU, as now expected at the rate of 8 grn. /$, non-cash hryvnia exchange rate may revert to 8,15-8,2 grn. /$. At the same time, they do not exclude a repetition of the August devaluation of the script with the National and foreign currency at the end of the month (when the central bank once again chooses a limit on the entire volume of intervention in the interbank market): According to optimistic forecasts - up to 8,5-9 grn. /$ Pessimistic — to 9,2-9,5 grn. /$.
Elena Lysenko
At Russia's stock market is expected predominance of negative dynamics of the basic indexes most of the day
From September 1, ALROSA resumes operation of mining and processing enterprises in full
Industrial metals at the auctions in London as of Friday grown
Forex Market 31/08/2009
Estonia against the construction of gas pipeline Nord Stream
IMF may cease cooperation with Ukraine if the authorities would loosen the country's economy
Many of the prohibitions, little reform
What has been Yulia Tymoshenko almost two years as prime minister …
Forex Asia
Russia's most liquid stocks traded today on average 1,5% below the close on Friday