The FINANCIAL — While speaking in an interview with the "Details Of The Week" programme broadcast on the Inter TV channel on September 6, President Viktor Yuschenko said the Cabinet of Ministers was to blame for destabilisation of the hryvnia exchange rate.
"This is the government's direct responsibility. I'd like to specify: the law on the government charges the Ukrainian government with the responsibility for the economy policies in the state, for the social policies in the state and for stabilisation of the national currency," the president said.
As to Yuschenko, in January-July the National Bank had to continually provide Cabinet with more funds, including for expense of emission, to cover various expenses.
"At the start of the year, the National Bank had on its portfolio eight billion of government securities. For the seven months the National Bank issued additional thirty billion of hryvnias of resources," he said.
The head of state underlines, this has resulted in the money withdrawn from the economy and has had a negative effect on the hryvnia rate.
As Ukrainian News earlier reported, First Vice Prime Minister Oleksandr Turchynov links the hryvnia exchange rate plunge with the speculations at the forex market during procurement of currency by the Naftohaz Ukrainy national joint-stock company to pay Russia's gas giant Gazprom for gas.
After a 3-kopeck decline on September at the interbank forex market, the national currency dropped another 5 kopecks to 8.85 UAH/USD.
This year the hryvnia rate has fallen by 11.32% from 7.95 UAH/USD at the interbank market.
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