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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

INCOMES GROW AS PEOPLE GET POORER

10 March, 1998 - 00:00


Last Tuesday the National Bank of Ukraine attempted to officially explain the hryvnia's decline last Tuesday, after a week of silence. NBU President Viktor Yushchenko was late for a press conference and seemed a little distant from the events that had caused an explosion on financial markets.

Among the factors affecting the hryvnia's exchange rate Mr. Yushchenko mentioned the aftermath of the world financial crisis and the Ukrainian economy's ailing condition "which stems from the character if its budget," adding that NBU made no attempt to artificially support the hryvnia. After that he described the current socioeconomic situation, emphasizing its anomalies: despite growing debts, the population's monetary incomes rose by 5% last year and GDP has stopped falling in the first quarter. When asked about NBU plans, Mr. Yushchenko stated that the bank "remains true to its policy aimed at price stability," and that he cannot find "any serious shortcomings" in this policy remaining "personally responsible for its results." The NBU President did not specify who would be personally responsible for the budget-sustained population that had grew 3% poorer during the week.

 

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