The bankruptcy process of Ukraine is just beginning, - ex-deputy head of the National Bank
Ukrainian experts say that Ukraine's bankruptcy process is just beginning.
This opinion, in particular, was expressed at a press conference in Kiev by the ex-deputy chairman of the National Bank of Ukraine Sergei Yaremenko, who urged not to be deluded by the fact that the national currency exchange rate has now stabilized at around 22 hryvnia per one US dollar and called this calm “silence in a cemetery "
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“At a rate of 22, dozens of sectors of the economy ceased to exist,” the expert explained his words. – The most uncompetitive industries are ceasing to exist, and this is mechanical engineering and everything related to high technology. And now we are talking about the fact that the process of bankruptcy of the state, which is exactly such a borrower of currency, has not ended, but is just beginning. And in order to now repay the foreign currency loan, he needs three times more hryvnia receipts within the country in order to buy the required amount of currency to make an external payment. That is why our external debt to GDP ratio has now soared. If earlier it was 40–60 percent, today it is approaching 100 percent.”
Ukraine's bankruptcy process is just beginning, says former deputy head of the National Bank