National Bank’s Council declares bank’s exchange rate policy ineffective

Source : 112 Ukraine

NBU's exchange rate policy does not meet the challenges of Ukraine's current development
13:01, 6 December 2019

National Bank of Ukraine

Council of National Bank of Ukraine (NBU) declared NBU's exchange rate policy in 2019 ineffective and noted that it did not meet the challenges of Ukraine's current development. This was stated by the head of the NBU’s Council Bohdan Danylyshyn.

"To use all means and methods of monetary and credit policy in order to soften the monetary policy of the National Bank of Ukraine," Bohdan Danylyshyn wrote.

The Council also advised the National Bank to update its gold and currency reserves management strategy and its schedule of replenishment of gold and foreign currency reserves for the medium term.

Related: Why does National Bank play with monetary grenade?

As we reported earlier, the Board of the National Bank of Ukraine (NBU) claimed that there was pressure applied by oligarch Ihor Kolomoysky. The Board posted a relevant statement on its official Facebook page.

The National Bank believes that the attack is set to create "manageable information chaos", to discredit the NBU and to reform the banking sector. 

"Several weeks of focused assault on the National Bank in the form of bespoke speculation and calumny in the media, paid rallies under the walls of the National Bank of Ukraine and even attempts to forcibly invade the NBU by applying so-called 'titushky'. We believe that this pressure was brought by oligarch and ex-owner of “PrivatBank" Igor Kolomoysky, which owns the state 5,5 billion dollars, which were withdrawn from “PrivatBank” before its nationalization. At the same time, the state - the president, the government, the National Bank - are united by the only position that the assets should be refunded," the statement informed.

Related: Ukrainian government considers launching its own bank

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