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 NBU's Hontareva pleads not guilty of hryvnia fall

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Head of the National Bank of Ukraine Valeriia Hontareva says she is not the one to blame for the fall of the national currency.

Censor.NET reports referring to Hontareva's Novoie Vremia blog.

"I still don't know the name of the person who wrote at the height of the war and the physical destruction of our industry in the east of the country: Hontareva is guilty of dropping the hryvnia no more than a flight attendant is guilty of a plane crash," the head of the NBU said.

She added that Ukraine had suddenly lost 15 percent of its GDP and 30 percent of foreign currency earnings in the Donbas.

"Our enterprises halted, the infrastructure was completely destroyed. The country's payment balance was simply torn to pieces while the exchange rate, which mirrors the payment balance, reacted accordingly," Hontareva explained.

Read more: Smolii to take office as NBU acting head May 11, - Hontarieva

She went on to say such a dramatic situation was also due to critical imbalances in all sectors of Ukraine's economy and banking system, which have accumulated over the past 20 years of imitation of real reforms.

According to Hontareva, Ukraine has been able to stabilize its macroeconomic situation only with the help of the international community.

"Thanks to the international community - the IMF, the World Bank, the EBRD, the European Union and the U.S. government - we were able to survive and stabilize the macroeconomic situation in the country. But we could not do all this without stabilizing the budget and reforming the energy sector," Hontareva concluded.
 
 
 
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