Financial journalist Olena Lysenko accused the NBU of controlled devaluation of the hryvnia
9 January 20:02
Financial journalist Olena Lysenko sharply criticized the actions of the National Bank of Ukraine and its leadership, stating that the current weakening of the hryvnia is the result of deliberate decisions by the regulator, and not just market factors. She wrote about this on her Facebook page.
According to her, against the backdrop of statements about an alleged “information attack” on Andriy Pyshnyy, the hryvnia has significantly lost ground.
“While we sympathized with the poor head of the National Bank, Andriy Pyshnyy, with crocodile tears over his fictitious ‘information attack’, (…) (he, – ed.) quietly devalued the hryvnia. The interbank market passed a new psychological mark of 43 UAH/$, and the official euro exchange rate jumped over 50 UAH/€,” Lisenko writes.
The journalist predicts that the NBU will explain the situation with a seasonal reduction in foreign exchange earnings and an increase in dollar sales, but considers these arguments unconvincing.
“Of course, the NBU will tell you about the decrease in foreign currency revenues of our exporters at the beginning of the year, and this will be true. They will add that the National Bank had to increase dollar sales from its reserves — this will be half true, because the increase was only a few times and not by much (last year, overtime sales were higher and there was no such devaluation then). And the National Bank patriots will say that we already went through this scenario (with the collapse of the hryvnia exchange rate) last year and Ukrainians should have gotten used to the “rape,” the author adds.
In her opinion, the current exchange rate movement is a repeat of Andriy Pyshny’s already tested scenario:
“According to his scenario: we need to lower the hryvnia exchange rate, say, to 43.1 UAH/USD and do everything necessary, and then roll back to 42.80-42.90 UAH/USD and wait for a new savior.”
Separately, Lysenko criticizes the official inflation figures and urges people not to equate them with actual prices.
The journalist also draws attention to the public statements of the NBU leadership regarding the independence of monetary policy, but immediately emphasizes that they followed after the IMF demanded the devaluation of the hryvnia from Ukraine.
“(The decision on devaluation, ed.) has already been made and is being implemented, as we can see, while the independence of the regulator and its head is illusory and worthless,” the author emotionally states.
Lysenko also states that there have been no changes in the status of the National Bank’s leadership despite political scandals:
“No matter how much they mention Pyshny’s friendship with Yermak and call him a wallet, the NBU’s power restructuring has not affected him. The head of the NBU has been made untouchable.”
The journalist also criticizes the model of interaction between the NBU and the banking sector.
“Ukrainian banks continue to receive most of their interest income not from lending to the real sector of the economy, but from the National Bank’s deposit certificates,” Lisenko explains.
In conclusion, she speaks of the need to change the regulator’s leadership.
“The only hope today is for a real change in the leadership of the National Bank,” the author concludes.
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