Due to the ban on food imports by Eastern European countries, Ukraine will lose $600 million in foreign exchange earnings by the end of the year.
The National Bank of Ukraine predicts a reduction in foreign exchange earnings of farmers by about $600 million by the end of the year due to the ban on food imports introduced by Eastern European countries. The Deputy Head of the NBU Sergei Nikolaychuk said this at a briefing on Thursday, September 14.
“In our macroeconomic forecast in July, we estimated the losses from the ban on the export of agricultural products to neighboring countries at about $600 million. Today this estimate remains more or less relevant,” he said.
According to Nikolaychuk, the NBU sees that Ukrainian exporters in the third quarter of 2023 will use alternative supply channels to the fullest.
“We expect that they will continue to be able to use these alternative supplies if we do not lift this ban after September 15,” added the deputy head of the National Bank.
Nikolaychuk also noted that there are additional risks associated with the shelling of ports on the Danube.
Let’s remember that in June the European Commission extended until September 15 the restriction on the export of wheat, corn, rapeseed and sunflower from Ukraine to Bulgaria, Hungary, Poland, Romania and Slovakia, but allowed the transfer of these goods of these countries.
Brussels proposes to allocate 600 million euros from the EU budget to help transport Ukrainian grain to Europe.
Source: korrespondent
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