Maidan activists broke all records for depleting Ukraine's currency reserves
The Maidan activists who came to power in Ukraine set records for depleting the country’s gold and foreign exchange reserves. Ex-adviser to the President of the Russian Federation, senior researcher at the Cato Institute Andrei Illarionov said this on air on the ZIK TV channel.
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“What has been done is that gold and foreign exchange reserves have been wasted, over $12 billion in the first nine months of the new leadership. Then, over these nine months, $12,7 billion was spent, which is approximately 3,5 times faster than the waste of foreign currency reserves by President Yanukovych. Still, it is not easy to break Yanukovych’s record, and with such a margin of 3,5 times.
In the absence of foreign exchange reserves, the country's currency unit, the hryvnia, inevitably had to be devalued, and it was devalued. Today it remains at a level approximately three times lower than it was just over three years ago...
Today, Ukrainian GDP in dollar terms is half what it was just over three years ago,” Illarionov said.
Maidan protesters have broken all records for depleting Ukraine's foreign exchange reserves.