Parliamentary committee assures National Bank fails to fulfil its functions

Source : 112 Ukraine

Verkhovna Rada wants to create temporary Investigation commission regarding activities of Bank
22:45, 17 June 2020

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The relevant committee assessed the work of the National Bank (NBU) in 2019 and early 2020. And according to the text of the resolution on the report of the head of the NBU regarding the activities of the National Bank, it was established that the structure did not fully fulfill its main function, as the ZN.UA reported, referring to a source in the relevant committee of the parliament. It is noted that the document was agreed on June 17.

"To establish that the NBU both in 2019 and at the beginning of 2020, and since 2014, has not fully fulfilled its main constitutional function - ensuring the stability of the Ukrainian monetary unit. The NBU has formulated and implemented an extremely dangerous exchange rate policy for the country, which artificially deepened the crisis in the economy," the document reads.

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The resolution also established that the monetary policy that was implemented by the NBU during the indicated period negatively affected the country's economy, in particular by artificially transferring significant financial resources to the pyramid of state debt obligations, creating a dangerous imbalance in the economy.

"To note that the policy of the National Bank of Ukraine did not contribute to protecting the economy from external negative influences during 2019 and during quarantine in 2020, and also did not allow providing the banking system of Ukraine with sufficient support to prevent an economic crisis, and therefore was ineffective," also reported in the document.

It indicates that it is advisable to create a Temporary Investigation Commission of the Verkhovna Rada to investigate the activities of the NBU and the Fund for guaranteeing deposits of individuals in 2014-2019.

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