Russian servicemen to take part in joint drills in Mongolian desertMilitary & Defense August 17, 8:22
Russia’s UN envoy notes good sign in conciliatory language used by US and North KoreaRussian Politics & Diplomacy August 17, 2:40
Proton-M carrier rocket with defense satellite launched from Baikonur space centerScience & Space August 17, 1:44
Russian diplomat suggests Barack Obama read Nelson Mandela’s words about GaddafiRussian Politics & Diplomacy August 17, 1:01
Russian, Indian students creating friendship satelliteScience & Space August 16, 21:46
Zenit St. Petersburg loses 0:1 against FC Utrecht in first leg of Europa League play-offSport August 16, 21:34
Saakashvili plans to return to Ukraine on September 10World August 16, 21:23
Russian diplomat concerned over US and North Korean aggressive statementsRussian Politics & Diplomacy August 16, 20:32
Diplomat says US-made chemical weapons found in Syria prove West’s support for terroristsRussian Politics & Diplomacy August 16, 20:14
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.