Stelmakh does not rule out abrupt strengthening of Ukraine’s hryvnia

16:34, 15 May 2009
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“If the government enters the [currency] market..."

Central bank of Ukraine chairman Volodymyr Stelmakh does not rule out an abrupt strengthening of Ukraine’s hryvnia.

According to an UNIAN correspondent, he said this in an interview to journalists in Switzerland.

V.Stelmakh pointed out that the International Monetary Fund has disbursed Ukraine the second tranche of the stand-by loan ($2.8 billion), out of which $1.5 billion were transferred to the state budget for financing foreign debts.

“If the government enters the [currency] market, without any doubt, there will be a tendency towards hryvnia’s strengthening, and if the government enters carelessly, a stress strengthening of hryvnia may take place”, the central bank head noted.

According to him, presently it is necessary to coordinate the work with government to avoid any stress jumps of the hryvnia’s exchange rate.

On the whole, V.Stelmakh noted, a tendency towards strengthening the hryvnia has outlined at the currency market.

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