Page 67 - RusRPTMar19

7.0 FX
RUSSIA -FX
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
Currency (units per EUR) (eop)
71.21
70.88
63.81
60.60
67.50
68.04
69.26
70.36
73.39
Currency (units per USD) (eop)
64.26
63.16
60.66
56.38
59.09
58.02
57.73
57.09
62.73
Currency (units per EUR) (average)
74.38
72.15
68.13
63.27
62.88
69.22
68.78
69.88
73.73
Currency (units per USD) (average)
65.88
64.62
63.07
58.82
57.14
59.00
58.41
56.87
61.783
The Ministry of Finance and analysts are expecting the ruble exchange to remain largely unchanged and to end 2019 at around RUB65 to the dollar depending on external factors such as the price of oil.
The National Bank of Ukraine (NBU) is going to cancel the mandatory requirement to exchange foreign currency proceeds received from abroad by legal entities when "market conditions" allow the move, the regulator's governor of the central bank Yakiv Smolii said on February 22. In February, the NBU announced its intention to reduce the mandatory requirement to exchange foreign currency proceeds received from abroad by legal entities from 50% to 30% from March 1. The statement followed the regulator's decision made in December 2017 to extend the 50% compulsory sales of export proceeds received from abroad by legal entities due to the fact that this current level remains "an important instrument" for FX stability in the country. In April 2018, the central bank reduced the limit for compulsory sales of export proceeds to 50% (from 65%), however, the NBU extended the 50% surrender requirements for FX proceeds received from abroad by legal entities due to "the need to preserve FX market stability".
On January 15, the Central Bank restarted its foreign currency buying
tied to the government’s fiscal rule after a five month hiatus On January 25, the CBR announced it would on February 1 commence its foreign currency purchases under the fiscal rule that were postponed in last fall.
67 RUSSIA Country Report March 2019 www.intellinews.com