The hryvnia demonstrates record appreciation. Many Ukrainians wonder what this means for the country and if it’s a new normal. In a highly unusual move, the Council of the National Bank of Ukraine (NBU) went to suggest that the leadership of the NBU made a mistake in keeping interest rates too high for too long, which allowed the hryvnia to get stronger and thus hurt Ukrainian exporters. The top officials of the NBU deny any wrongdoing and highlight the benefits of a stronger hryvnia such as lower prices of imported goods (including gas), lower inflation, lower interest rates, and a lower burden of public debt.
VoxUkraine: National Bank of Ukraine and the exchange rate
Leaderships of the National Bank of Ukraine, the Ministry of Finance and the PrivatBank attends sit during a press conference in Kyiv on April 18, 2019.
