Tranche from the International Monetary Fund (IMF) in the amount of $ 700 million will not be able to pull Ukraine out of the crisis, said senior financial analyst at ICU Group Taras Kotovych
Earlier, it became known that following the revision of the stand-by lending program, Kiev will receive $700 million: the total amount including the first tranche will amount to 2.8 billion dollars. In addition, the IMF board approved the extension of the Stand-By Arrangement until the end of June 2022 and the revision of payments under the programme.
Kotovych said that the sale of currency by Ukrenergo caused some strengthening of the hryvnya, but within a few days it was offset by demand for currency. According to him, the National Bank of Ukraine at the same time “sold currency to curb the weakening of the hryvnia, and to do this it sold 108 million dollars, while it bought only 5 million dollars during the week.
“The strengthening of the exchange rate in early November was not sustained and against a generally negative backdrop, the hryvnia weakened to more than 26.5 hryvnia/dollar. The payment of quarterly taxes, which traditionally contributes to the strengthening of the hryvnia, did not help here either. Most likely, the hryvnia will weaken, but will remain in a fairly familiar corridor of 26.5-27 hryvna / dollar”, – – said the expert.