Ukraine should fight the economy dollarization, in particular, through internal borrowings, primarily at the state level, EBRD CEO Oleksandr Pavlov told the annual conference of the Adam Smith Institute in Kyiv, according to UKRINFORM.

"The internal borrowing market should be developed. Here, the matter concerns the state debt market. A long-term program should be developed on how the state approaches the market to finance its needs. Both primary and secondary markets should develop, it is necessary to raise liquidity of state obligations so that their urgency was raised, so that the state would gradually reach availability of financial instruments in the country by different terms and types, so that the market could see guidelines as to the price of state debt for a long-term period. Long-term government bonds are a guideline, based on which all the local companies and banks issue their bonds," Pavlov has stated.

In addition, it is necessary to develop local financing institutes, pension funds and unit investment funds, insurance companies, he maintains. It is necessary to develop the short-term crediting market and insurance of risks in the national currency. "These are the necessary elements of the normal market functioning that creates prerequisites for development of the long-term market in the national currency. For today, such instruments are not available in the wide sense," the banker summed up.

According to the National Bank, Ukrainian economy dollarization fell in January-June 2010 by 2.1 percentage points to 29.6%.

In 2009, the national economy dollarization level grew by 1.06% tо 31.68%.

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