Carrying-out of forward operations hryvna/dollar will allow companies hedging their price risks, reported the Bank press service with reference to the director of the department for financial markets of the JSPPB "Aval" Andrei ROZHOK.
According to him, this operation is very important for entities of foreign-economic activity, both importers and exporters since introduction of such operations will allow companies obtaining admittance to real opportunity of hedging risks. This, in its turn, will allow companies fixing exchange difference, reducing possible losses from exchange fluctuations as well as optimizing planning of finance flows of the company and implementing payment calendar. That is why, as A.ROZHOK stressed, it is very important that such instrument — forward on pair hryvna/dollar, hryvna/euro — being available by financial directors of companies.
Besides, as the banker stressed, "carrying-out of forward operations within the country will considerably promote rally of currency market and emergence of right speculative trading". According to him, at present time the National Bank of Ukraine is considering an opportunity to permit forward operations for pair hryvna/dollar and hryvna/euro. It is expected that the decision will be taken in October, 2003. In the beginning of this year, as A.ROZHOK reminded, the NBU allowed banks to carry out forward operations for pair of currencies of the First Classifier euro/dollar. But such operations are much less topical for banks and its clients, than for pair hryvna/dollar, hryvna/euro whereas they are enough specialized and in practice not many companies are interested in them. "In Ukraine there are not so many companies which settle accounts with suppliers in US dollars and receive revenues in euro or vice versa. That is why there is no considerable demand on forward operations (euro/dollar)", — stressed the banker. Whereas permit of forward operations hryvna/dollar and hryvna/euro by the National Bank would be very logical and efficient step for further liberalization of the market".
