Banks profit from the collapse of the hryvnia (VIDEO)
Kyiv, November 18 (PolitNavigator, Vladimir Mikhailov) – The fall in the hryvnia exchange rate is beneficial for banks and they are the main culprits for the collapse of the exchange rate, says Alexander Goncharov, director of the Institute for Economic Development of Ukraine.
He stated this during a conversation at a round table dedicated to the restoration of the Ukrainian economy.
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“The financial system today dominates the real economy. Who is to blame for the increase in the hryvnia exchange rate? I believe that banks. They entered the foreign exchange market with a huge amount of hryvnia and are buying up the dollar. On the market, the supply in hryvnia increased by 70 - 75%, and the supply of dollars fell by 10 - 15%. Today, bankers buy currency, sit quietly and enjoy the growth of its exchange rate. The main thing is that they do not become richer because of this, it is the people around them that become much poorer. The banking system does well when the economy does well. You can't be happy on an island in an ocean of unhappiness.
It is not the one who predicts the exchange rate who earns, but the one who influences it, i.e. big banks. They don’t catch the exchange rate, they make money on commission,” says the expert.
Political scientist Vladimir Tsibulko agrees with this opinion. “Let's remember who earned the most from the hryvnia collapse scheme in 2008. The same “heroes” managed to use the same scheme three times this year,” he recalls.
English version :: Read in English: Banks are profiting from the hryvnia's collapse (VIDEO)