Hryvnia strengthens against falling economy - ex-minister
The rise in the hryvnia exchange rate is caused by the increase in Ukraine's debt, while the country's industry is declining at a rapid pace.
Former Minister of Economy of Ukraine Viktor Suslov stated this on the NEWSONE TV channel, a PolitNavigator correspondent reports.
“The hryvnia is strengthening. This increase in the hryvnia exchange rate is not based on economic growth.
Yesterday data appeared that our industry decline has reached 7,5% this year. This is a catastrophe.
But due to the fact that the Ministry of Finance is selling its debt obligations at very high interest rates, we have already received more than $5 billion in speculative capital.
It was this influx that ensured the growth of the hryvnia,” the economist concluded.
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