Ex-Finance Minister Pynzenyk: NBU To Hold Current Hryvnia Rate Until …

Viktor Pynzenyk, former minister of finance, predicts the National Bank will hold the current hryvnia rate at the current level at the expense of the gold and foreign currency reserves until the election to the Verkhovna Rada.

He has said this to Ukrainian News.

“Obviously, they will try to hold the hryvnia rate by losing the reserves and I do not expect any stress by the end of the parliamentary election in terms of rate dynamics,” Pynzenyk noted.

However, he could not say about a possible hryvnia rate after the election.

Pynzenyk is concerned over the attempts of the incumbent power to keep the hryvnia instead of eliminating the cause of devaluation.

“What worries: a struggle with the consequences rather than the causes. Therefore, yesterday’s events showed that the problems were erupting to the surface because they exist and have not been solved,” he stressed.

The former minister emphasized it was wrong holding the hryvnia rate until the parliamentary election due to gold and foreign currency reserves.

As Ukrainian News reported, Oleksandr Suhoniako, the President of the Association of Ukrainian Banks, does not exclude devaluation of the hryvnia by 30% or more.

The hryvnia devaluated in the interbank forex market by 4.5 kopecks to UAH/USD 8.1750 on September 4.

The National Bank did not enter the market that day.


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