The National Bank of Ukraine's First Deputy Chairman Anatolii Shapovalov has forecast stabilization of the hryvnia's exchange rate at 5.1 UAH/USD on the inter-bank currency market.

Shapovalov made the forecast in an interview published in the Zerkalo Nedely weekly.

According to Shapovalov, the hryvnia's exchange rate will be higher than 5.0 UAH/USD on the inter-bank currency market for some time because the on-going correction of the exchange rate should compensate for the influence of seasonal factors and the improvement of the situation involving exports.

"I think that an exchange rate of 5.1 UAH/USD could be the optimum [for this period]," Shapovalov said.

Shapovalov declined to forecast when the hryvnia's exchange rate will reach this level, saying that it would depend on many factors, including how the situation on international markets develops.

"A whole series of leading central banks have already lowered discount rates. As far as we know, the International Monetary Fund is presently discussing the possibility of opening credit lines for developing countries with negative foreign-trade balances under a Stand-by insurance program aimed at preventing possible financial shocks," Shapovalov said.

According to Shapovalov, these loan resources may not be used if the relevant agreements are reached, but they could be quickly obtained.

As Ukrainian News earlier reported, the hryvnia's exchange rate remained unchanged at 5.0 UAH/USD on the inter-bank currency market on October 10.

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