Sept. 14, 2006, 1:36 a.m. |
The Ukrainian hryvnya marked its 10th anniversary on Sept. 2.
without much fanfare. It successfully brought stability to the economy after the hyper-inflation of the 1990’s and became a source of national pride as the public’s confidence in the national currency is now much greater. The hryvnya has been through choppy waters, including high budget deficits, but come out strong. The volume of hryvnya deposits in the banking system is rising. The National Bank of Ukraine’s policies, especially in its formative years, are widely seen as successful. It is testimony to the NBU that though governors have come and gone, the hryvnya’s stability has endured and promoted growth. The hryvnya has been one of the few achievements at macroeconomic level. Yet, the new authorities should stop speculating about changing the current governor or allowing the hryvnya’s value to fall, primarily to help the vested interests of steel exporters connected to them. They should understand that national interests and monetary stability, and not narrow clan interests, are paramount.