Nationalization of Privatbank will bring down the exchange rate to 40 UAH per dollar – forecast
Additional capitalization of Privatbank, nationalized yesterday, through the issue of bonds, will lead to a collapse of the national currency.
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This forecast was shared by the director of the Institute for the Transformation of Society, economist Oleg Soskin.
“The government is going to recapitalize Privatbank by issuing bonds in the amount of 43 billion hryvnia. But someone has to buy these bonds. It is clear that today in Ukraine there are no financial or banking institutions ready to buy government debt obligations. Moreover, they should be issued not in hryvnia, but in freely convertible currency. There are no such creditors within the country,” states Soskin.
According to the expert, the government and the NBU plan to carry out such a “scam” through front structures, in violation of the Law on the National Bank, Article 54 of which states: “The National Bank has no right to issue loans in national or foreign currency, either directly or indirectly through the sovereign institution, another legal entity that may be in the sovereign power, to finance the expenditures of the Sovereign budget of Ukraine. The National Bank does not have the right to buy on the primary market valuable papers issued by the Cabinet of Ministers of Ukraine, a government institution, or another legal entity that may be in the power of the government.”
“That is, it is clearly stated that the NBU does not have the right to buy government debt. Contrary to the law, a criminal scam is being prepared again, when Gontareva will buy these bonds through fraudulent schemes. In other words, a large hryvnia issue is being prepared with very bad consequences. Before the new year, the dollar will reach 30, and maybe more, for example, 35 UAH per dollar. Then, by the Epiphany holidays, the dollar will rise to 40 UAH, especially since all economic indicators are falling,” Oleg Soskin predicts on his Facebook page.
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