The dollar exchange rate exceeded 44 hryvnia: an economist explained the reasons and gave advice to Ukrainians
10 March 14:13
The dollar exchange rate in Ukraine recently exceeded 44 hryvnia, reaching a historic high. Some experts attribute this to international events, particularly the situation in the Middle East, but such arguments may merely be a cover for internal processes in the currency market.
Andriy Novak, chairman of the Committee of Economists of Ukraine, spoke about this in an interview with the YouTube channel "Komersant Ukrainian".
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“The reason why the hryvnia exchange rate has jumped towards devaluation is currently being explained by events in the Middle East. This is similar to the argument used to explain the sharp rise in fuel prices. Thus, we are trying to use these events as a smokescreen to cover up all our internal corruption schemes and schemes — whether it be the sale of fuel or currency speculation with fluctuations in the hryvnia exchange rate,” he said.
According to the economist, the National Bank has sufficient tools to stabilize the currency market, as Ukraine’s current gold and foreign exchange reserves are at record levels.
“The NBU’s gold and foreign exchange reserves are currently around $57 billion. These are mega-record reserves that we have never had, even in the most prosperous peacetime years. Therefore, the question arises as to why, with significantly lower currency turnover and such large reserves, such exchange rate fluctuations are possible at all,” he adds.
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Novak also advised Ukrainians not to panic over currency fluctuations and not to rush to buy currency en masse.
“First, don’t run anywhere. Don’t go to currency exchange offices or buy something in reserve. If you have free funds, I always recommend dividing them into approximately three parts — hryvnia, dollar, and euro. This way, you can protect your savings as much as possible,” he emphasized.
