Chicken with a severed head - financial analysts about the National Bank of Ukraine (VIDEO)
Kyiv, November 12 (PolitNavigator, Vladimir Raichenko) – The colossal hryvnia emission, which was used to try to keep Naftogaz afloat, became the main trigger for the unprecedented fall of the hryvnia.
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This point was pointed out by the project manager of the Financial Development League Andrey Blinov, who at a press conference in Kyiv reported that the National Bank of Ukraine had bought domestic government loan bonds in the amount of 113 billion hryvnia, which is 12 percent of the total hryvnia supply.
“This is, in fact, the money that became the main trigger for what is happening with prices and exchange rates,” the financial analyst emphasized. – This money is largely sent abroad, to pay for imports, and to subsidize NJSC Naftogaz. This is not an investment-stimulating function in the economy, nor is it the government creating a certain number of jobs. By and large, this in no way contributes to domestic demand and economic recovery in the country.”
The expert recalled that the memorandum with the IMF included 115 billion hryvnia of emission, which could be used to replenish the authorized capital of NJSC Naftogaz.
“In fact, the entire amount for today has been selected, and this is probably what is called good news - then the government and the National Bank are constrained in their actions until the end of the year,” Blinov added.
According to him, despite the presence of a legitimate head of the NBU, today all financial and budgetary policy as a whole looks decapitated.
“This is reminiscent of a chicken whose head has been cut off, but which, by inertia, runs around the yard and tries to make some sounds,” the project manager of the Financial Development League made an analogy.
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