The reason for the hryvnia devaluation is the social, monetary and fiscal policy of Ukraine's authorities, National Bank of Ukraine (NBU) Deputy Head Oleksandr Savchenko has said, Kyiv Post reported.

"There are objective reasons for the hryvnia devaluation. First of all, it is social, monetary and fiscal policy," he said on Ukrainian television's Channel 5 on Wednesday evening.

In addition, according to Savchenko, the political elite of Ukraine lack a political culture: they should stop intimidating society.

Savchenko did not give a definite exchange rate forecast saying only that the hryvnia has a significant potential for revaluation.

The banker said the current hryvnia rate reflects the current economic situation in the country.

"The rate we are observing today reflects the political and economic situation, social tension, the people's uncertainty about the future. Therefore this is a realistic rate," he said.


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