You're reading: Expert: Cabinet, NBU concealing hryvnia devaluation

The government and the National Bank of Ukraine (NBU) are concealing the real hryvnia devaluation, the expert of Razumkov Centre, Pavlo Rozenko, has said.

“A hidden devaluation of the hryvnia has been taking place for half a year. The government and the NBU are concealing this real devaluation,” he said at a press conference in Kyiv on Monday.

According to the expert, the NBU is hiding the devaluation via sales of gold reserves.

“They spent around $2 billion on gold in September, and in October they spent $2.5 billion to support the hryvnia exchange rate,” Rozenko said,

He also expressed concern about the economic situation in the country, and added that the increase of pensions by Hr 100 before the parliamentary elections was covered at the expense of the increased deficit of the Pension Fund, which, according to the expert’s calculations, could amount to Hr 75-80 billion by the end of the year.