HALISTER1: BNP Paribas Sees More Pressure on Hryvnia After 12% Drop This Yr

BNP Paribas Sees More Pressure on Hryvnia After 12% Drop This Yr

(Bloomberg) -- Pressure on hryvnia “may resume soon, given no clarity regarding the IMF financing, as well as the destiny of the incumbent government,” Serhiy Yahnych, analyst at UkrSibbank, BNP Paribas’s Ukrainian unit, says in note.
  • Ukraine Central Bank currency sales last wk “were apparently made on a pre-emptive basis, as signs of potential bid/ask imbalances could be detected by the regulator”
  • Sees market volatility dropping later in 2016 on seasonal rise of exports, seasonally reduced gas imports
  • NOTE: Hryvnia -11.5% vs dollar in 2016, worst performing currency in emerging Europe and Africa
  • NOTE: Ukraine Bonds Gain Second Day as Hryvnia Drops From Week-High
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Source: BFW (Bloomberg First Word)

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Serhiy Yahnych (Ukrsibbank JSC)

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