OREANDA-NEWS. November 27, 2009. The NBU has demanded that the commercial banks that have been refinanced should stick to the average market USD/UAH exchange rate, as set by the regulator. The average rate will be calculated on the basis of the morning USD/UAH rates submitted by the commercial banks to the NBU. Meanwhile, the refinanced commercial banks are to maintain the same exchange rate during the operational day.

Millennium Capital believes this decision of the NBU is aimed at the manual exchange rate regulation, which, considering the latest US dollar interventions by NBU, will help keep hryvnia from revaluation. Also, the regulation may have quite a large-scale effect, since the NBU has refinanced more than 90 banks since the end of 2008.