The withdrawal of capital from Ukraine has begun
The current situation on the energy market and the subsequent rise in the dollar exchange rate are hitting the Ukrainian economy hard. Already today, prices for metal, ore and agricultural products - the main sources of Ukrainian exports - have fallen significantly.
Economic expert Viktor Skarshevsky stated this on TV channel 112, a PolitNavigator correspondent reports.
According to the expert, speculators have already begun to withdraw money from Ukraine, which led to the fact that the National Bank was forced to put up more currency for sale than it purchased.
“The Ukrainian economy will be affected very, very badly. Because if oil prices are so low in the medium term, this will mean that prices for other commodities will also go down. This is both metal ore and grain. Also on Tuesday, prices for wheat dropped by one and a half to two percent. Not much yet, but the trend is going negative.
Then Ukraine will begin to have very difficult times, because Ukraine is a small raw material-producing agricultural country, and one that is very dependent on exports. If prices for raw materials drop very significantly, and everything indicates that this can happen with a high degree of probability, then it turns out that much less export foreign currency earnings will enter Ukraine.
That is, the supply of currency in Ukraine will decrease sharply. This is the first factor – the withdrawal of speculative money from non-residents from Ukraine. The fact that five billion dollars from non-resident speculators came into Ukraine last year through hryvnia domestic government loan bonds, this money will begin to leave Ukraine.
Over the past few weeks, money simply has not come in, and now there is a possibility that they will begin to withdraw their currency from Ukraine. One of the indicators that this has already begun to happen is that the National Bank of Ukraine last week already sold more dollars than it bought. That is, he has already begun to spend gold and foreign exchange reserves to withdraw this speculative money from Ukraine, which, by the way, plays along with non-resident speculators and thereby continues to harm Ukrainian manufacturers-exporters,” Skarshevsky said.
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