Валютні інтервенції як інструмент валютної політики: світовий досвід та особливості застосування в Україні

Abstract

Вивчено досвід зарубіжних країн щодо застосування валютних інтервенцій як інструменту валютної політики. Розглянуто особливості здійснення валютних інтервенцій в Україні в умовах режиму інфляційного таргетування. Виокремлено чинники, що впливають на вибір політики здійснення валютних інтервенцій. Проаналізовано особливості застосування валютних інтервенцій, зокрема динаміку, структуру та форми валютних інтервенцій Національного банку України з початку 2020 р.

The article is aimed to study the foreign experience of currency interventions as an instrument of currency policy and identify features of their implementation in Ukraine. Currency interventions, as an instrument of monetary policy, have become most widespread in the context of the Jamaican Monetary System and the transition to a floating exchange rate regime. The role of currency interventions has grown significantly since the global economic crisis of 2007–2009. Until 2014, the interventions of the National Bank of Ukraine were carried out constantly in order to balance supply and demand for foreign currency and to maintain stable exchange rate dynamics of the national currency. With flexible exchange rate formation, the objectives of interventions change somewhat, although monetary authorities may also conduct them in order to avoid unnatural exchange rate deviations, normalize the market situation and accumulate foreign exchange reserves. In 2015, a flexible exchange rate regime was introduced in Ukraine, the aim of which was to ensure the balance of payments and avoid rapid fluctuations of the hryvnia, which were recorded in 2008 and 2014–2015. Since 2016, currency interventions have been carried out mainly in the form of foreign exchange auctions and were aimed mainly at increasing the country's foreign exchange reserves and increasing foreign currency sales. Since 2018, the National Bank has switched to currency interventions at the best and single rate using Matching – a new functionality for transactions in trade information systems (Bloomberg, Thomson Reuters). The advantages of the Matching functionality (anonymity, unlimited number of participants, efficiency) create conditions for a more market, transparent and accurate determination of the hryvnia exchange rate in the interbank foreign exchange market. Since the beginning of 2020, the National Bank of Ukraine has been conducting currency interventions with the help of interventions at the best exchange rate, currency auctions and interventions at a single exchange rate. From the beginning of 2020, the net sale of currency by the National Bank of Ukraine amounted to 524.70 million US dollars. Currency interventions of the National Bank of Ukraine as an instrument of currency regulation are a supplement to the inflation targeting regime, as their tasks in the medium term support the NBU's goal of achieving price stability.