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Ukraine hit by 7.5% GDP fall, 100% currency devaluation — National Bank head

December 30, 2014, 11:44 UTC+3

According to the National Bank Chief, inflation has reached 21% by November since the start of the year

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National Bank Chief Valeriya Gontareva

National Bank Chief Valeriya Gontareva

© ITAR-TASS/Maxim Nikitin

KIEV, December 30. /TASS/. Ukraine’s GDP shrank by 7.5% and inflation reached 21% by November since the start of the year, National Bank Chief Valeriya Gontareva said on Tuesday.

“The country has seen a GDP fall by 7.5% and actually 100% devaluation. Using economic terms, this is called a 50-percent devaluation (for the hryvnia). Inflation has reached 21% by November since the start of the year,” she said.

In the current conditions, it is impossible to keep a stable hryvnia exchange rate, the National Bank head said.

“This is simply an unrealistic task (to maintain exchange rate stability) because it is not even prescribed in any constitution,” she said.

“The exchange rate of our currency relative to our trade partners is a mirror of the state of our economy and our balance of payments,” she said.

Ukraine is hit by a “full-scale financial crisis,” National Bank Chief admitted.

“The level of gold and foreign exchange reserves has reached its minimum of $9.9 billion as of early December since 2009,” she said.

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