Historical maximum: dollar rate jumps to 44 hryvnias, importers in panic

Historical maximum: dollar rate jumps to 44 hryvnias, importers in panic

«Importers are in complete chaos, prices already factoring in 46 UAH/$.» The National Bank has raised the dollar to a new peak.

The hryvnia is collapsing in Ukraine. Following the results of trading on March 11, the National Bank set a new official exchange rate at 43.9776 UAH/$ (previous — 43.8627 UAH/$), which became a historical maximum and will take effect from March 12.

In the second half of the interbank session, all dollar purchases went above the 44 UAH/$ mark. The peak price reached 44.22 UAH/$.

According to bankers, the NBU is conducting devaluation consciously and systematically.

«Exporters find it unprofitable to rush with selling dollars in a rising market. Importers are in panic: no one knows how far the dollar strengthening will go right now, although they remember the 45.6 UAH/$ embedded in the state budget. Just in case, import prices are already being adjusted not to 45 UAH/$, but to 45.5–46 UAH/$,» — shared the treasury director of one of the large banks with «Strana».

Specialists link the devaluation to the need to replenish the budget through the conversion of foreign currency aid from partners. Uncertainty persists around the EU loan of 90 billion euros (blocked by Hungary), and Ukraine’s economy is complicated by rising energy prices due to the war in Iran.

Due to the interbank jump, the maximum cash dollar rate in banks on sale jumped by 25 kopecks to 44.65 UAH/$ (MetaBank), average buy/sell values — 43.68–44.31 UAH/$. Card rates reached a peak of 44.55 UAH/$ on sale (Sens Bank, Yunex Bank), averages — 43.75–44.17 UAH/$.

The official hryvnia rate against the euro fell from 51.0386 UAH/€ to 50.9349 UAH/€.

In cash desks, the minimum cash euro price — 51.35 UAH/€, maximum — 51.75 UAH/€, averages for buying/selling — 50.87–51.56 UAH/€. Card averages — 50.76–51.42 UAH/€, peak — 51.80 UAH/€ (Accordbank).