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 Ukrainian Banks Association President: After Elections We Will Have a Wave of Inflation, and Devaluation Will Reach 30%

Ukrainian Banks Association President Oleksandr Sugonyako shared his vision of hryvnia fate after elections.

"It should be expected that the monetary wall, erected by the National Bank, and recently completed administrative wall, both holding a pseudo stable rate, will collapse after elections. If that did not happen, if the NBU directed funds into economy then the rate today would be completely different. But they artificially maintained the rate without giving funds to the economy," said Sugonyako in a commentary to Censor.NET. "That is why the economy is tumbling. They planned for 4% GDP growth but they will be happy if they get 0.5-1% by the end of the year. By the monetary policy they slowed down the economic growth. And industrial production in the past nine months has collapsed and in September alone it declined by 7%. This is the results of such monetary policy, our payment for pseudo stability."

"And after elections there will be an inflation wave. And the rate will plummet. Thus, it will be another payment. Because hryvnia's drop will lead to price hike for imported products. And we will pay for this fake inflation and rate stability," stresses the expert.

"And then we will have a wave of inflation, of devaluation. We calculated the figure two-three months ago, and I named it - 30% devaluation. This is the number that will allow to get rid of payment balance problem. And international experts recently named the figure of 30%," concluded Sugonyako.

 
 
 
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