Director of the Treasury Department of Cominbank told the media about the regime of "managed flexibility" in the foreign exchange market

It's been more than a week since the National Bank abandoned the fixed hryvnia/dollar exchange rate, but it hasn't let go of the hryvnia completely.

Herman Marchenko, Director of the Treasury Department at Cominbank, comments on what is happening on the currency market in the "managed flexibility" mode:

"The National Bank continues to closely monitor the situation. The regulator plans to intervene in the market to compensate for the "structural deficit" of foreign currency through market mechanisms.  The exchange rate will fluctuate in both directions.

At the first auction under the new rules, a record amount of foreign currency sold by the NBU was recorded - about USD 450 million

The cash foreign exchange market reacted to the NBU's decision by increasing the US dollar to UAH 38.50 per $1, and slightly dropping to UAH 38.40 by the end of the day, in line with the previous practice of setting the exchange rate on the foreign exchange market.

I would note that Ukraine currently has about $40 billion in foreign exchange reserves to ensure the stability of its national currency."