The National Bank of Ukraine (NBU) recommends that banks allow the deviation of only 5 percent from the hryvnia indicative forex rate when banks set sale and purchase forex rates in their cash desks, reads NBU letter No. 24-011/64178 sent to commercial banks.
“When the sale and purchase forex rates are set at cash desks the authorized banks could use the indicative forex rate for the previous day with deviation of up to 5 percent as a reference point,” reads the letter.
The NBU said that the measure is temporary and it is aimed at stabilizing the situation on the currency market.
From Nov. 5, the NBU is to hold auctions to sell foreign currency on working days, and banks which have short-term credit limits set by the NBU can take part in the auctions. Banks can submit bids by 10 a.m. on the day of the auction. At 11 a.m. the NBU publishes the stop-out price and the average forex rate of the auction on its page in the Thomson-Reuters NBU01 system. The average auction forex rate will be the indicative forex rate on that day, reads the letter.
As reported, the sum of a bid starts from $100,000. Each bank can buy no more than 10 percent of the declared volume.
