You're reading: Poroshenko promises to return hryvnia rate to Hr 20-22/$1

Ukrainian authorities are taking decisive steps to stabilize the hryvnia exchange rate, Ukrainian President Petro Poroshenko has told journalists.

“We are taking decisive steps to allocate additional resources and return the hryvnia exchange rate to Hr 20-22 per $1. I am confident we should not allow any panic in exchange offices or banks,” Poroshenko said.

“The National Bank and the Cabinet of Ministers, who influence the economic and currency exchange rate policies, have agreed on a joint plan to stabilize the hryvnia exchange rate,” Poroshenko said, noting that MPs together with the members of government have developed a number of proposals for consideration by the Verkhovna Rada.

“The first positive signal to the market should become the Verkhovna Rada’s positive vote for the laws that will pave the way for the IMF decision to support Ukraine,” the president said, noting that the forces interested in destabilizing the situation use exchange rate fluctuations to incite the public.

The president expressed hope the IMF would made a positive decision for Ukraine and issue the first tranche of fiscal aid by late March.