Financial news

Rates increase on inter-bank credits in UAH

At the Ukrainian inter-bank currency market, the hryvnya has renewed 9 November 1999 high having dropped during the session to the mark of 4,60/4,65 per $1 with 4,67/4,72 (at the opening) and 4,72/4,78 at Friday's bids. The dealers explain the US currency collapse by two factors: statements by the NBU representatives about possible review in the nearest days of currency range within which the hryvnya will move towards the US dollar including the official one which resulted in dollar panic selling as well as in new decrease of UAH liquidity at inter-bank credits market.

The majority of deals were concluded today by market participants within the range of 4,65/4,70, with 4,7350/4,7500 per $1 a day earlier.

At the DEPO-market, continuing crisis of UAH liquidity resulted in further rates increase on inter-bank credits in hryvnya regardless of crediting terms.

Thus, "overnight" credit in UAH fluctuated today within the limits of 18/30% with 15/25% on Friday, and as a result average weighted price on concluded transactions by 17:00 KT increased to 21,1% p.a. with 17,6% according to bids results on Friday. The volume of transactions decreased to 2,29 billion, from 2,7 billion as of the same time on Friday and 4,03 according to bids results on the same day.

Rates on credits for a period "from 2 to 7 days" were sent up today to 22,0/30,0%, in comparison with 19,0/23,0% on Friday. Average weighted price on actually concluded transactions increased to 25,9%, from 22,0% yesterday. The volume of concluded transactions increased to 221 million, from 36 million on Friday.

Rates on credits for a period "from 22 to 31 days" are today at 17,5/30,0%, with 11/22% at  bids on the previous day.

Comments by S.N.KRAMAROVA, Head of the Treasury of PRAVEX-BANK

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