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Hryvnia exchange rate strains to balance, – states Sergei Naumov Chairman of the Board of Piraeus Bank
06 February 2015

“Ultimately, the situation on the Ukrainian banking market remains very complicated. Incoming foreign currency revenues of exporters still are not enough to meet the current needs in currency for customers and cover formed put-up demand. As a result, during some time we will observe an increase of dollar’s rate, until exporters start actively sell the currency.

It is hard to say what rate of UAH/USD should be. The foreign exchange market is now looking for a course that would suit both sides – exporters and importers. With high probability, hryvnia rate will be strengthened based on news about granting Ukraine financial support, including certainty of timing and amount of assistance from the IMF.

Our aim in this situation – maximum protection of clients’ interests and the meticulous implementation of all obligations towards them – on deposits, cash settlement and other banking operations. Fortunately, despite of difficult economic situation in the country Piraeus Bank remains one of a few amount of highly capitalized and reliable bank on the Ukrainian market, performing all obligatory regulations and requirements of the NBU. Moreover, the Bank is a member of powerful international financial group, which along with leading European banks is directly controlled by the European Central Bank and one of the most highly capitalized in Europe.

We clearly understand: 2015 will not be much easier than the previous. And considering this, we created relevant business strategy for this year. Its main aim is maximal business rationalization by optimizing processes, products and services, improving the quality of loan portfolio and other measures that will allow us to continue successful development on the Ukrainian market.”