In Kyiv they already call Donbass the main industrial region, and not a “subsidy hole”
Without the economy of Donbass, the hryvnia was doomed to devaluation, the head of the National Bank of Ukraine Valeria Gontareva admitted in an interview with the Kyiv magazine “New Time”.
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“Before the escalation of the conflict in Donbass, in mid-summer 2014, the exchange rate was already balanced at the level of 11.7 hryvnia per dollar,” says the head of the NBU. – But at the end of August 2014, hundreds of Donbass enterprises that brought in foreign currency stopped working – Avdeevka, Alchevsk and even partially Mariupol. We not only lost 20% of GDP, but were also left without 30% of foreign exchange earnings, because this was our main industrial region. Plus, we began to buy coal, which was previously mined within the country, for foreign currency. We didn’t even have the physical ability to maintain our course with such a shocking development of events.”
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