The National Bank of Ukraine rules out a repeat of the March weakening of the hryvnia in the foreign exchange market if the government introduces lockdown again, Director of the Open Market Operations Department Oleksiy Lupin said.
“We do not expect the repeat of March events in the foreign exchange market, because in March it was something new, there was panic around the world, and no one knew what to do,” he said during the 19th annual forum of Ukrainian CFOs, answering the question about the reaction of the national currency to the repeated lockdown.
Lupin said that the weakening of the hryvnia in March, in particular, was influenced by panic among non-residents who were trying to quickly withdraw and close their investments in the country.
He also said that non-residents adhered to similar tactic not only in Ukraine, but in all developing countries.
