The Minister promises the USD rate will lower to 12 hryvnias per dollar
In 2014 the inflation rate in Ukraine will speed up to 19–20%, though there are sufficient grounds that the rate will strengthen and stand up at 12 hryvnias/$1 – of its weighted average, said Minister for Finance Olexander Shlapak, Forbes-Ukraine reports.
«The inflation rate is expected to be within 19–20%, unfortunately. This is the so called delayed inflation», – he said on air over the First National TV Channel.
«As regards the exchange rate, it is more complicated. I’m convinced that there are no reasons for the rate hike to reach 13.5 hryvnias/$1. The exchange rate of hryvnia against dollar standing at 12 hryvnias/$1 is truly trimmed, and it can remain at this level till the end of the year, what we are reckoning upon», – said Minister for Finance.
In his view, recent devaluation of hryvnia has been caused by panic which some companies entered the market with due to the events happened in the eastern region of the country, even possible, with intent to commit an artificial exchange rate attack.
«I’m sure that the National Bank of Ukraine has everything that is required to overcome it, in particular, either to stem currency speculators or puzzle out who and why buys currency in huge amounts when imports are decreasing», – said O.Shlapak.
He underscored that the core reason for lowering the hryvnia rate – external deficit – has been eliminated.
The Minister added on September 7, 2014, the World Bank approved the decision on disbursing $500 million as a bail-out, and another tranche amounting to around $1.3 billion is expected to be earmarked by the International Monetary Fund at the end of August.
«All these exertions will necessarily calm the situation on the currency market», – Mr. Shlapak underlined.
As is known, the inflation rate in January-July was 12% in Ukraine, on a year-over-year basis (as compared to a similar period a year ago), while in July it surged up to 12.6% from 12% in June; with 10.9% – in May, and 6.9% – in April.
