You're reading: Pryvat Bank head expects hryvnia will strengthen on market

Support of the International Monetary Fund (IMF), the World Bank, the European Commission and other international organizations and active actions taken by the National Bank of Ukraine (NBU) against speculators and conversion centers are to result in the strengthening of the hryvnia on the market, Pryvat Bank Board Chairman Oleksandr Dubilet has said.

On April 11, the historic record was hit on the
interbank currency market: quotations reached UAH 13.9/$1, while early
this year the exchange rate was UAH 8.285/$1.

“The active position towards speculators creates preconditions for
the strengthening of the hryvnia exchange rate using market and not
administrative methods,” reads a posting on the bank’s website made on
Wednesday, citing Dubilet.

“Despite the tough pressure by representatives of so-called ‘garbage
cans,’ banks which do not service clients, but convert shadow capital
into cash, on the top managers of the central bank, the effective
actions of the regulator on the market allowed the laying of the basis
for the healthy growth of the economy,” the banker added.

He said that the switch to market mechanisms of defining the currency
exchange rate in Ukraine is yielding positive results. In particular,
thanks to the stoppage of administrative pressure on the market many
exporter companies were able to restore production and supplies to
foreign markets, and have started bringing foreign currency to Ukraine.

“Over the past years the U.S. dollar exchange rate was retained
artificially, which created the illusion of stability for ordinary
citizens, while in fact this affected the economy and production. Today
we have a perfect chance to make production of goods and services for
export profit-making, which will stir up the economy in general,” he
said.