The National Bank of Ukraine (NBU) bought $40 million on the interbank forex market in the first week of 2018 through interventions seeking the best bid from banks, the NBU said on its website.

During the last week of 2017, the NBU bought $3 million on the forex market through interventions seeking the best bid and sold $25 million.

As was reported, the NBU late in October 2016 approved a new form of forex interventions – inquiring the best bid – under the strategy of forex interventions for 2016-2020.

To handle such type of forex interventions, the NBU requests bids from banks for the purchase and sale of foreign currency via an e-trading system. After banks disclose their bids, the NBU strikes a deal with the bank that has come up with the best bid.

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