Ukrainian and Polish national banks extend billion-dollar currency swap agreement for another year
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The currency swap deal between the National Bank of Ukraine (NBU) and the National Bank of Poland (NBP) has been extended for another year.
The terms of the agreement remain unchanged: the maximum transaction amount is the equivalent of $1 billion and the duration is one year, with the possibility of extension, the NBU reported.
The currency swap agreement was first signed on March 21, 2022. The NBU decided to make the offer on the first day of Russia’s full-scale invasion of Ukraine.
The NBU did not actually utilize all the funding, as it acted as a “safety cushion” for Ukraine’s financial sector, the Ukrainian National Bank noted.
* A currency swap is a financial transaction in which two parties agree to exchange a set amount of currency for a certain period, before returning it under predetermined conditions. The instrument reduces currency exchange rate risks and guarantees access to foreign currency, as needed.
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