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News / 10 December 2013 | 13:59
No grounds for hryvnia rate fall, minister says

No grounds for hryvnia rate fall, minister says

Oleksandr Klimenko, Ukraine’s Minister of Revenue and Duties, has said there is no economic basis for the UAH rate to fall, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

Experts say the existing foreign reserves (18.8 billion USD) are sufficient to meet external obligations and pay for critical imports in 2014.

Despite political controversies in the country, the national currency exchange rate remains under control, and the regulator has all the tools to manage the market, said Sergey Mamedov, CEO of the Independent Association of Ukrainian Banks (IAUB).

He noted that the account balances in the correspondence accounts of the National Bank of Ukraine, as of the morning of December 9, amounted to 19.8 billion UAH, which is sufficient to ensure stable operation of the banking system.

However, it is still important to ensure stabilization of the political situation in the country, according to First Deputy Prime Minister Serhiy Arbuzov, who says the hryvnia will remain in the corridor established by the National Bank.

Experts say the national currency has been under a significant pressure because the population has been panicked. 

According to NBU, in the 10 months of 2013,  the balance of payments was positive - plus 1.1 billion USD. However, if demand for foreign currency from population goes up, the situation will deteriorate, and the balance of payments will go negative, experts stress. This scenario is putting pressure on the hryvnia.

 The political crisis has already caused a significant population deposit drain, say IAUB experts. This, in turn, leads to moratorium of lending to the real economy.

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