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NBU to open currency swap line with China worth 15 milliard yuan
29.04.2015 16:26 "Agro Perspectiva" (Kyiv) —
The National Bank of Ukraine (NBU) has announced the launch of work on an earlier signed agreement to set up a currency swap line between the two countries worth 15 billion yuan (the equivalent of $2.44 billion), UNIAN says referring to the NBU report.
As to the report, the swap line could be used to finance trade contracts, investment projects and other purposes.
«The move will contribute to stabilising the economic situation, and reducing the demand for foreign exchange from importers. Once the situation is back on track with the support of our foreign donors and partners, we expect the hryvnia to appreciate in a mid-term perspective,» the report reads.
As to earlier report, in Jan the NBU had announced the launch of a swap line with China within the framework of a three-year agreement signed in Jun 2012 between the National Bank of Ukraine and Peoples Bank of China worth a total of 15 milliard yuan.
The deal involves mutual exchange of currencies the hryvnia and the yuan, which would reduce the demand of importers for foreign currency and relax pressure on the hryvnia exchange rate.
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