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Cost of governmental loans down substantially: Ukrainian central bank

(People's Daily Online)

12:33, July 11, 2012

Kyiv, July 11 (People’s Daily Online) – The cost of governmental loans went down substantially. This was mentioned by the head of advisory group to governor of the National Bank of Ukraine (NBU), Valeriy Lytvytsky, during the informative meeting with the mass medias representatives “Statistical products of the National bank of Ukraine: opportunities for users”, that took place in the National bank Ukraine on July 6, 2012.

“Back in May rates of our bonds placed abroad exceeded 11 percent. Now they are almost at the level of nine percent. It means that the world understands, that Ukraine successfully overcame a period from deceleration of economy in IV quarter of the last year, passed through stabilizing in the first quarters of present year, and reached small acceleration reflected in May statistics,” said Valeriy Litvitsky.

According to him, the financial market of Ukraine is stable now, “We not only sell currency but also buy it. Ukraine’s central bank rapidly develops its cooperation with leading central banks around the world. I recall, that during recent visit of the Governor of National Bank of Ukraine Sergiy Arbuzov to China a three-year currency swap agreement of 2.36 billion U.S. dollars was signed.”

In addition, Valeriy Litvitsky said that insignificant fluctuation in currency exchange rate observed lately is quite normal for a developed economy. “Reserves are accumulated to be spent one day. We also work on making clean credit issuance to purchase currency when it is needed and in proper amount,” he added.

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