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Expert says $7 bln IMF loan makes possible for Ukraine to stabilize currency exchange rate

January 22, 15:33 UTC+3 KIEV
According to the expert, the free trade zone agreement between Ukraine and the European Union will lead to further decline of currency earnings because of canceled duties on European goods
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© Alexandr Demyanchuk/TASS

KIEV, January 22. /TASS/. Loans of the International Monetary Fund (IMF) will help in the first instance to stabilize Ukraine’s national currency (hryvna) rate, Ukraine’s ex-economy minister Viktor Suslov told TASS on Friday, commenting on the statement of Ukraine’s president Petro Poroshenko that Ukraine expects $7 bln from the IMF in 2016.

"The [hryvna] rate is maintained for the time being at the expense of loans received from the IMF," Suslov said. "Currency revenues are currently insufficient to meet foreign commitments, maintain the rate and replenish currency reserves," the expert added.

The crisis in the foreign trade was developed not least because of serious decline in trade turnover with Russia, the expert said. "This is loss of billions dollars," Suslov added. The free trade zone agreement between Ukraine and the European Union effective from January 1, 2016 "will not save the situation at once, because it will lead to further decline of currency earnings because of canceled duties on European goods," Suslov said.

The situation will also be aggravated by the banking crisis, the expert said. "Expected bankruptcy of fifty more banks in 2016 will result in outflow of funds from the banking system, increasing the currency demand and exerting an extremely adverse influence on the hryvna rate," he added.

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