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Bankers Link Jump Of Cash Dollar Rate With Uncertainty On Interbank Market (14:30, Tuesday, October 7, 2008)

Bankers link the jump of the cash dollar exchange rate with uncertainty on the interbank exchange market.

"The cash exchange rate reflects the situation on the interbank currency exchange market," said Vladislav Kravets, the first deputy governor of the Sberbank.

He said the cash exchange rate of the dollar would grow as long as it grew on the interbank.

"Nobody knows what will happen tomorrow. Consequently, sellers of the cash dollar go in advance. The sale at a higher rate is not a speculative operation, rather, it is anticipation of risks," he said.

Kravets said it a temporary situation and one should not yield to panic.

Dmytro Hrydzhuk, the governor of the Khreschatyk Bank, also believes that the situation is a temporary one. He said people should not rush for the dollar.

"This cannot be called a speculative operation. Everything will depend on policies of the National Bank of Ukraine and interventions on the interbank," he said.

Ihor Lvov, the deputy governor of the Finance and Credit Bank, said the jump of the cash dollar exchange rate at currency exchange outlets was a speculative operation.

"These jumps more represent the speculative growth, and I would not advice to purchase dollar today," he said.

Lvov said the National Bank of Ukraine had enough reserves to settle the situation on the interbank. He said there was no problem with the import of the cash dollar in Ukraine.

As Ukrainian News earlier reported, on October 6, the exchange rate on the interbank market fell by 28 kopecks to 5.28 UAH/USD.

The National Bank of Ukraine said the fall of the hryvnia exchange rate was a temporary phenomenon.



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