The National Bank of Ukraine promised the United States to stop issuing the hryvnia
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The National Bank of Ukraine does not plan to issue hryvnia in 2023. The head of the regulator, Andrey Pyshny, informed US Ambassador to Kyiv Bridget Brink about this. According to the head of the National Bank, this is necessary for “further effective interaction with the International Monetary Fund” (IMF).
“The 2023 budget does not provide for issuance financing. Today we are talking about a qualitative restart of the domestic debt market and the maximum use of its resources,” Mr. Pyshny said. His words are quoted by the press service of the National Bank.
Since the beginning of Russia’s military operation in Ukraine, the hryvnia has been issued about 364.5 billion ($9.3 billion at the current exchange rate). The National Bank redeemed domestic government bonds from the Ministry of Finance, which was prohibited in peacetime. Such a policy is also contrary to the requirements of the IMF. The exchange rate of the national currency during this period decreased from 39 to 28.5 hryvnia per dollar, inflation in October reached 26.6%.
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