HomeWorldNBU promises to stop...

NBU promises to stop printing “dangerous” money

Photo: Oschadbank

The NBU’s goal is to absorb excess liquidity through tighter reserve requirements and gradually return to a floating exchange rate.

The National Bank will no longer use “dangerous” money printing to finance public spending, said the head of the National Bank, Andrei Pyshny, in an interview with the Financial Times.

According to him, the printing of billions of hryvnias by the NBU to close the budget deficit involves a great risk for the country’s macro-financial stability.

“It’s a quick fix, but very dangerous,” Lush said.

It is noted that the Ministry of Finance does not want to enter the domestic bond markets or increase revenues.

It has since reversed course, paving the way for a $15.6 billion loan that the IMF and Kyiv agreed on last week but still needs approval from the fund’s executive board.

“On his first day in office, he undertook to improve relations with the government, meeting with Finance Minister Sergei Marchenko “until late at night”. They entered into an agreement according to which the central bank adjusted the its requirements for reserve banks, and the ministry offers creditors more attractive conditions,” – said the message.

Pyshny emphasized that the NBU’s goal is to absorb excess liquidity through tighter reserve requirements and gradually return to a floating exchange rate.

The head of the NBU added that the agreement with the IMF will help “guarantee that the coalition of donors will commit itself to providing assistance in the amount of about $40 billion” this year.

He said the NBU will revise its forecast for 2023 GDP growth to 0.3% next month, after a 30% decline last year, reflecting the impact of Russian missile strikes on Ukraine’s energy infrastructure in winter time.

Recall that the NBU increased the sale of foreign currency for the first time since January.

It was also reported that by the end of 2022, the aggregate balance of payments of Ukraine was formed with a deficit of $2.9 billion, while in 2021 the surplus reached $487 million.

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

5 Disney animations that don’t have a love story

Check out a list of stories produced by Disney where romantic love does not appear as one of the highlights of the plotsWith stories like “Beauty and the Beast” (1991) and “UP — Altas Aventuras” (2009), Disney has achieved an incredible legacy in the film industry that...

How many times did Walt Disney receive an Honorary Oscar?

As the biggest Oscar winner, discover how many honorary awards Walt Disney has received from the world's main cinema awardsUntil nowadays, Walt Disney continues to be the biggest winner in the history of the Oscar, the main world cinema award, with 22 wins and 59 nominations, according...

In celebration, group makes large donation to UNESCO

Celebrating 9 years in activity, the boy group SEVENTEEN decided to make a donation to UNESCO to commemorate the dateThis Tuesday, the 28th, the Korean committee of UNESCO announced that the SEVENTEEN made a significant donation to the organization last Sunday, the 26th, the date on which...

Shmygal spoke about negotiations with allies in Prague

Head of the Ukrainian Cabinet of Ministers Denis Shmigal spoke about the results of negotiations with Ukraine’s allies in Prague. .in_text_content_22 { width: 300px; height: 600px; } @media(min-width: 600px) { .in_text_content_22 { width: 580px; height: 400px; } } . According to the prime minister, the meeting...

After all, what is the Beast’s real name?

Do you know what the Beast's real name is from 'Beauty and the Beast'? Discover the answer behind this big question!In 1991, Disney released the animation “Beauty and the Beast”, an adaptation of a French novel that had its first version published in 1740 by Gabrielle-Suzanne...

‘The Little Mermaid’ animation director criticizes live-action: “They didn’t do it right”

Josh Musker, director of the animation 'The Little Mermaid', revealed that he didn't like the live-action film starring Halle Bailey and directed by Rob MarshallThrough a recent interview with Variety, John Musker, director of the animation 'The Little Mermaid', openly criticized the live-action of the story. ...