The Kyiv Post welcomes feedback about our new website and we stand ready to fix any problems users might encounter in our test phase. Contact us at: news@kyivpost.com or +38-044-591-3344. Thank you!

Share Tweet Pocket Add to Bookmarks
You're reading: Azarov accuses banks of currency speculation, asks NBU to tackle problem

The reason for the destabilization of the situation on the currency market of Ukraine is speculation by banks, which hired experts and the media for this, Ukrainian Prime Minister Mykola Azarov has said.

“The rush and speculations were created by banks that have spare
funds and can buy huge amounts of currency – they can hire so-called
mercenary experts, media, and create a hysteria and a rush, thus,
forcing ordinary people to buy dollars they don’t need,” the premier
said in Donetsk on Friday, Sept. 7.

The head of the government asked the National Bank of Ukraine (NBU) to tackle the problem.

“There is a question – don’t the government and the National Bank
have enough instruments to punish those who mix up their personal
interests with state interests? We have enough of them! That’s why we
are asking the National Bank to use them in the current situation,”
Azarov said.

He added that the government coordinates its policy with the NBU.

“These are two agencies that are responsible for stability in the country, in particular on the currency market,” he said.

Azarov also said that during a working visit to Kharkiv he went to a
bank and saw that it was selling U.S. dollars at the rate of Hr 8.11
per U.S. dollar.

“Yesterday [on September 6], at a meeting with [NBU Governor Serhiy] Arbuzov, I said that we should have enough currency for everyone, and
even more… I’m absolutely sure that all banks and exchange points have
currency,” the premier said, and added that there is no reason to be
worried.

“In 2003 our currency reserves were estimated at $4.5 billion, in
2004 – at around $8 billion, and now we have around $30 billion. So, if
we managed to hold the exchange rate stable in 2003 and 2004, what may
hinder us from saving it today with reserves that are several times
higher? So, don’t worry, everything is under control,” Azarov said.

Found a spelling error? Let us know – highlight it and press Ctrl + Enter.

Advertisement

Add comment

Sorry, you must be logged in to post a comment.
More in this section
Attention

Add a picture
Choose file
Add a quote
Attention

Are you sure you want to delete your comment?

Attention

Are you sure you want to delete all user's comments?

Attention

Are you sure you want to unapprove user's comment?

Attention

Are you sure you want to move to spam user's comment?

Attention

Are you sure you want to move to trash user's comment?

Spelling error report

The following text will be sent to our editors: