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No. 6: If you don’t give it to me you’ll only lend it to someone else and look where that got us

No. 6: If you don’t give it to me you’ll only lend it to someone else and look where that got us

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Thursday, July 3, 2008

NBU head assesses economic situation as being rather normal.





NBU head assesses economic situation as being rather normal. NBU head said that he assesses economic situation as being in rather normal condition. NBU head Volodymyr Stelmakh was criticized by Secretariat of president that Central Bank does not adjust macro scenario with the government, and NBU head counselor Petro Poroshenko proposed to dismiss the head. At this, NBU head said that government and NBU already agreed that additional budget revenues will be channeled to cover budget deficit and not on social payments and additional government spending part as it was backed up by the government. To remind, Mr. Stelmakh believes that national currency revaluation will foster economic recovery. NBU board overrode NBU council’s veto on the decision to revaluate UAH/USD exchange rate and set it at UAH 4.85 per USD 1 and now the rate is changed at times close to market value at interbank. NBU also proposes to channel additional UAH 30bn of budget revenues to cover state budget deficit and not spend half of the revenues on social payments and other government expenses as cabinet plans. To remind, Martin Raiser, WB director for Ukraine , Belarus , and Moldova , thinks that NBU policy on exchange rate can help protect the country from probable negative external consequences, since Ukraine very much depends on cyclic changes in world prices of raw materials.







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