It's time to adjust the status
As we do assumed in our previous review, The National Bank of Ukraine come out with an auction for the sale of currency for smoothing fluctuations in the market as often like talking representatives regulator.
The need for such an auction arose already last Wednesday, although it could have been held earlier. Too strong was the pressure on the hryvnia in the market. As a result, the NBU sold 33.6 million dollars at a rate of at least 26.25. This auction was the first auction to sell dollars since the 21st of September. It was then that the regulator last sold about $ 11 million at a rate of at least 25.97. Since then, for more than a month and a half, 14 auctions for the purchase of foreign currency have been held, on which almost $ 332 million was purchased.
The tension in the market remained on Thursday, but on that day the regulator refrained from leaving. But on the last day of the last week followed the exit, but with the reverse side. On the market, the supply situation topped demand, than the NBU immediately took advantage of, buying $ 26.7 million, at a rate no higher than 25.85. Over the last two auctions, the regulator earned at the arbitration, raising not less than 40 cents at such a solid amount. According to the most conservative estimates, the regulator's profit amounted to UAH 10.68 million. Note that this focus is not the first time. All dollars sold in August and September were successfully bought back in October at a cheaper rate. For September-October on the balance of the regulator settled a decent profit from the auctions.
Thus, we can talk about the need to adjust the status of the Ukrainian regulator by changing the "National" to the "National Commercial", since in its actions there is definitely a traced commercial motive. However, such an arbitration certainly will be more difficult to implement with the approach of winter. Quotations of the interbank market were slightly corrected below 26.00, currently amounting to 25.80-90. The cash market was fixed above 27.00, currently trading at the level of 27.10-25. With the onset of winter, the task of smoothing market fluctuations will be increasingly difficult, since traditionally a fire in the Ukrainian currency market flares up almost instantly.