It will be beneficial both for the budget and for the competitiveness of exporters, said Rostislav Shurma.
A light, controlled devaluation could be beneficial for the Ukrainian economy. This personal view was expressed by the Deputy Head of the Presidential Office Rostislav Shurma in an interview Interfax-Ukrainewhich was released on Wednesday, September 27.
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“On the exchange rate, perhaps, given the levels of inflation that we have and in other countries, a very easy, controlled devaluation by not many percentages could be beneficial for the economy,” he said. .
Shurma clarified that we are talking about a possible devaluation of the hryvnia “by several tens of kopecks, by half a hryvnia, by one hryvnia.”
“It will be beneficial both for the budget and for the competitiveness of our exporters. And it will revive economic activity,” added the deputy head of the OP.
As for the discount rate, in his opinion, with annual inflation of 8.6%, the discount rate of 22% is too high.
“This means that our real discount rate is 13%. Can you name me at least one state in the world where there is a positive real discount rate? In every country, in almost all countries, the inflation is higher than the discount rate. And this is the norm for this period of post-Covid inflation and normalization,” Shurma said.
In his opinion, the National Bank’s reduction of the discount rate to 20% in September seems too conservative a policy.
Stability is priority number one. But what is stability?
We remind you that the draft state budget of Ukraine for 2024 is based on the average annual hryvnia exchange rate of 41.4 UAH/$1. In turn, the NBU has kept it at the level of 36.57 UAH/$1 since the end of July last year.
Earlier, the Ministry of Finance expressed concern about the strong Hryvnia. After that, its rate started to decrease. But on Tuesday the hryvnia strengthened.
It was also learned that the National Bank sold a record volume of foreign currency in the interbank market in two weeks.
Source: korrespondent
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