The currency swap agreement on $2.36 billion, signed between Ukraine's National Bank and People's Bank of China, is a historical event for our country, NBU governor Serhiy Arbuzov said in an interview, published on the official site of the Bank.

"It's the first time Ukraine signs this kind of agreement with a trading partner. Currency swap enables both countries to use national currencies in conducting payments. Our enterprises will not longer face a risk of devaluation of the third currency," he said.

Mr. Arbuzov confirmed that the whole sum will be used by Ukrainian enterprises. "If it's not enough we can always extend the contract. For the moment we've signed the contract at UAH 20 billion, which is about 15 billion yuan or 2.3 billion dollars. We've arrived to this sum after the survey, conducted by banks among enterprises. After the meetings with their clients the banks established the amount our economy needs. As soon as the program starts working we will see if this sum is correct," the NBU governor said.

Mr. Arbuzov also informed that now the National Banks plans to sign a swap agreement with Russia. "We have huge turnover with this partner, about 50 billion dollars. It is will be a big swap between our banks," he added.

The NBU governor also reminded that once Ukraine held swap negotiations with Belarus. "Unfortunately the negotiations were suspended, but now we are planning to restart the talks on swap agreement with Belarus. It's convenient for our country to sign swap agreements with the partners, and we will continue this policy," he noted.

Mr. Arbuzov also pointed out that swap agreements will have positive effect on the national currency rate. "We can ease our currency reserves and keep payments in national currency. Such approach will stabilize our national currency even more and will optimize the currency demand," he said.

The NBU governor reminded that the Ukrainian delegation had concluded an agreement with Chinese Eximbank on 3-billion-dollar loan for 15 years. According to Arbuzov, such big loan proves China's interest in cooperation with Ukraine. "We will use the money for the needs of our agroindustrial complex, and the Agrarian Ministry will finally get the money for the development," he said.

Mr. Arbuov also noted that the Chinese partners are very interested in Ukrainian agrarian complex and the land reform. "They are also ready to build plants on the territory of Ukraine," the NBU governor summed up.


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