The head of the NBU explained the need for foreign exchange restrictions and called losses due to the blockade ORDO
Blockade ORDO will increase the deficit account balance to $ 4.3 billion. This was stated by the head of the national Bank of Ukraine Valeria Gontareva in an interview with UKRINFORM.
She also explained when currency restrictions will be lifted. According to her, when the national Bank announced the relaxation of exchange restrictions in early March, they talked about the relaxation of the requirements for the mandatory sale of earnings in Ukraine in foreign currency and restrictions on the sale of foreign currency to the population.
“But you must understand – it’s not just the displacement of the meetings of the Board of Directors of the IMF. At that time we believed that the trade embargo will not last long and will not have a significant impact on the economy, and considered it only as a risk in the longer term. Today, other realities, and the blockade is part of them, which will lead, in particular, to the widening of the current account deficit of the balance of payments up to $ 4.3 billion this year”, – said Gontareva.
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“And as you know, we conduct foreign exchange liberalization, based on the availability of favorable conditions so as not to destabilize the currency market. Therefore, we continue to adhere to the announced plans, the exchange of liberalization and intend to continue to mitigate the limitations of export-import operations and foreign direct investment, but the speed of this process will depend on the situation in the economy,” she added.
The head of the national Bank considers the restriction necessary. Remembering the situation of 2014-2015, when the national Bank was forced to introduce currency restrictions, she said that it helped to prevent the outflow of capital from Ukraine and to carry out unfair currency transactions. Also, the NBU managed to stabilise the demand for foreign currency to ensure a rhythmic flow in the interbank market, and to limit its unwarranted outflow from Ukraine.
“We understand that the restrictions were tough, but extremely necessary for the country at the time. What restrictions were given the opportunity to stop the fall of the hryvnia” – summed up Gontareva.
In addition, the NBU head said that the NBU in favour of a civilized state banks with Russian capital from Ukraine, including their sale, as planning to make “Sberbank”.
“The General trend is for banks with Russian state capital reduce its presence on the Ukrainian market. For my cadence, their share decreased from 15 to 8 percent. At the same time, we are closely monitoring the situation in these banks, there are still 2014 the curators,” – said Gontareva.
We will remind, earlier the head of national Bank said, when Ukraine will receive a tranche from the International monetary Fund.