Prime Minister of
Ukraine Arseniy Yatsenyuk
and Minister of Finance of Ukraine Natalia Jaresko
are to immediately meet with President of Ukraine Petro Poroshenko.
"So that the President invites
the Chairwoman of the National Bank and so that we directly from the Chairwoman
of the National Bank hear about the real picture, what measures are being
undertaken and what should be done on the
Government’s part to help the NBU stabilize the
situation and restore confidence of Ukrainians to the banking system," the
Prime Minister stated at a Cabinet’s
meeting on Wednesday, 25 February.
National Bank of Ukraine alone, as it used to, with no consultations, made a
decision to close the interbank foreign exchange market, which, indeed, gives
no additional stability to the local currency, which the National Bank is
responsible for," the Prime Minister highlighted.
Arseniy Yatsenyuk stressed that this situation of imbalance of both
the financial system and the national currency "has a very complex and
negative impact on the whole economy of the state."
He informed that
today there were a range of meetings, "in order to find out what is
happening in the interbank market, which is controlled by the National Bank, as
well as trends."
Over the past
nine months, according to the PM, the domestic financial market has sold
US$51.5 billion: "It is almost the ten-fold amount in relation to the
total volume of gold and foreign exchange reserves. This means that market is
filled with dollars."
information from open sources, he emphasized, the total amount of purchase and
sale of foreign currency, which are carried out by banks and supervised by the
National Bank, is approximately from US$100 to 170 million.
that the country possesses the currency. This means that part of currency was
bought and is buying with the purpose of speculative transactions. With a view to buy at a lower rate
and then sell at a higher," Arseniy Yatsenyuk stressed.
repeatedly advised our colleagues from the National Bank to bring the situation
under strict control in order to prevent from exporting currency under
so-called import contracts, as if to purchase goods, and then these goods come
neither within 30, nor 60, nor 90 days and foreign currency is being kept
abroad to wait for a higher rate," he said.
Government such situation with the national currency, according to Arseniy Yatsenyuk, means "it
affects the budget, the cost of food, the price of gasoline - the whole economy
- and creates bad inflation expectations, as well as bad reality."
Arseniy Yatsenyuk appealed to members of the coalition to convene
an extraordinary meeting of the Parliament "to adopt the necessary laws and
consider the issue on the stabilization of the financial system."
He recalled that
the Parliament had received a package of bills needed to get financial
assistance of the International Monetary Fund, "part of which will go to
the reserves of the country, fill the foreign exchange market, enable to bring
down the panic and return to a balanced course."
consulted with all the factions of the coalition, except the largest one, and
we’re anticipating these consultations concerning the adoption of the bills,"
he emphasized, noting that there were no significant differences between the
Government and parliamentary factions during the consideration of these bills. "
Arseniy Yatsenyuk said that now he along with Finance Minister of
Ukraine Natalia Jaresko will meet with the President
of Ukraine "so that the President invites the Chairwoman of the National
Bank and so that we can directly from the Chairwoman of the National Bank hear
about the real picture, which measures are being undertaken and what should be
done on the Government’s side to help the NBU stabilize the situation and restore confidence of
Ukrainians to the banking system."
understandable steps to make people stop withdrawing deposits, to decrease the
current speculative hyperactivity, to make exporters return the currency that
they are holding abroad, and to prevent importers from
exporting foreign currency under bogus contracts waiting for a higher
rate," the Prime Minister underlined.