Currency liberalization will cost Ukraine about $5-5.5 billion - Pyshnyi
Kyiv • UNN
The National Bank of Ukraine expects currency liberalization to cost Ukraine about $5-5.5 billion, but considers it a productive investment to facilitate capital flows and economic recovery.
The National Bank expects that currency liberalization will cost Ukraine about $5-5.5 billion. This was stated by NBU Governor Andriy Pyshnyy during a telethon, a correspondent of UNN reports.
When asked how much such liberalization would cost, Pyshnyi replied: "The currency liberalization package that was approved will have a corresponding price. We expect it to be around USD 5-5.5 billion. However, it is wrong to say that these will be unproductive funds that can be used for currency liberalization.
Therefore, according to him, it is important that Ukrainian businesses use this currency liberalization as efficiently as possible.
"We will monitor all capital flows very closely and insist that any capital flows are productive for Ukraine," Pyshny said.
He noted that this currency liberalization and this stage of currency liberalization have already been taken into account in the new and updated macroeconomic forecast that the NBU published last week.
"This macroeconomic forecast assumes that if currency liberalization is carried out to the extent we present, our foreign exchange reserves will remain at approximately the same levels and parameters at the end of the year," the NBU governor said.
Addendum
The NBU Board has approved a number of changes that will improve the business environment in Ukraine and the entry of Ukrainian businesses into new markets. They will also support economic recovery and facilitate the inflow of new investments into the country.
NBU Governor Andriy Pyshnyi notedthat in order for the National Bank to continue to ease currency restrictions, businesses must use the opportunities responsibly - export revenues must come to Ukraine, not remain abroad.
