The National Bank Board insisted on establishment of the official exchange rate UAH 5.05 per USD 1. Chairman of the NBU, Volodymyr Stelmakh told journalists today.

“The Board has taken a decision to confirm the competence of the regulation and retained it effective. We are sure that we do everything right and we will stand for our position,” Stelmakh said.

According to Stelmakh, the decision, taken by the Council of the National Bank to veto the resolution of the NBU, by which the official exchange rate is UAH 4.85 per USD 1, doesn’t have any legal bases.

“We consider that it (veto of the Council of the NBU – ed.) isn’t lawful neither legally, nor economically,” Stelmakh said.

He has emphasized that today the NBU follows the regulations of the Constitution, namely it provides stability of the national currency. Meanwhile, the enemy number one of stability of hryvnya exchange rate is inflation and the NBU will struggles against inflation with the help of all available methods, including change of hryvnya exchange rate, Stelmakh stated.

As a reminder, on May 22, 2008 the National Bank of Ukraine established the official exchange rate UAH 4.85 per USD 1.

But the Council of the National Bank of Ukraine returned official exchange rate UAH 5.05 per USD 1, using the right of veto to the decision of the NBU Board.

ForUm

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