The Minister explained the economic decline with the growth of the hryvnia

Министр объяснил падение экономики ростом гривны

Photo: press service of the NBU

Meanwhile, the hryvnia is falling

The national Bank last year bought too little currency, allowing you to strengthen the national currency, which led to the fall of the economy, said Petrashko.

The cause of the fall of the economy in 2019 was the strengthening of the hryvnia exchange rate, said the Minister of economic development, trade and agriculture Igor Petrashko. He said this interwork-Ukraine.

While he says he supports the policy of the national Bank’s flexible exchange rate.

“Just believe that the course was used for manipulation. We understand that in the past year, the strengthening of the exchange rate to 23.5 hryvnia/dollar, basically laid the decline of our industry and of GDP,” the Minister said.

In his opinion, in 2019, the NBU is not enough redeemed currency to replenish the reserves by allowing the hryvnia to strengthen. Although last year the regulator has bought a record over $ 8 billion.

According to him, fluctuations have brought the margin of the productive sector to the unproductive.

“The yield on government bonds at that time were running high and reached 30%, with any lack risk. How could you let this happen? Took the money, a course for manufacturers, farmers, without any reason, has not joined the reserves when he had the chance to replenish,” — said Petrashko.

In his opinion, the decline in GDP was founded not the government Alexey Goncharuk. “I believe, laid the national Bank exchange rate policy is unreasonable and almost a washout in the 4th quarter of the money from the real sector of the economy for redistribution to the unproductive sector,” he said.

The Minister also unhappy with high rate. “We understand that speculation in the market of government bonds and things like that… From the structures that have worked closely with the National Bank, it is known to all,” said he.

Note, at the moment, the official dollar exchange rate in Ukraine increased to a maximum of 3.5 months up to 27.66 USD.