NBU, IMF mull over introduction of extra tools to hedge currency risks

2011-10-28 17:05:42

The National Bank of Ukraine is working out with the International Monetary Fund the issue of introducing additional instruments for hedging currency risks, Ihor Shumylo, NBU managing director for economic affairs, said during the 6th Fitch Annual Conference in Ukraine.

He noted that in 2011, much more currency comes to Ukraine than goes out of it.

According to Shumylo, the effective exchange rate is at the early year's level.

"We have a real competitiveness price stock of about 20%," he added, assuring that "there are no significant economic grounds for weakening of the national currency."

According to Shumylo, there is the devaluation pressure, but only minor variations in the hryvnia around the current rate are possible.

Meanwhile, according to Fitch, the risk of currency devaluation in Ukraine is increasing.

The representative of the National Bank also said that they expect inflation of 8.5% by the end of 2011 and 7.6% in 2012.