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Austerity policy, external support can help overcome crisis in Ukraine — National Bank

January 16, 2015, 17:32 UTC+3 KIEV
“Only decisive measures, budget economy and financial support from international donors can overcome the large-scale financial crisis,” head of the National Bank of Ukraine Valeriya Gontareva said
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Head of the National Bank of Ukraine Valeriya Gontareva

Head of the National Bank of Ukraine Valeriya Gontareva

© TASS/Maxim Nikitin

KIEV, January 16. /TASS/. Only the austerity policy and external support can help overcome the large-scale crisis in Ukraine, head of the National Bank of Ukraine Valeriya Gontareva said at the parliament on Friday.

“Only decisive measures, budget economy and financial support from international donors can overcome the large-scale financial crisis,” she said.

The depletion in foreign-currency reserves to $7.5 billion, external debts and the delay in the regular tranche of the International Monetary Fund “have a negative impact on the cost of Ukraine’s loans both on international markets and on the situation on the local market”, Gontareva said.

“The deposit outflow has increased and reached 126 billion hryvnias (almost $8 billion based on the current exchange rate of the National Bank of Ukraine) or 29% of last year’s parameter,” she said.

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