January 21, 2010

Between the Government of Ukraine and National Bank of conflict erupted because of the $ 2 billion

National Bank of Ukraine has refused the request of the International Monetary Fund on the implementation of previous agreements regarding the transfer of the government 2 billion of reserves, said the Acting Minister of Finance Igor Umansky. "NBU fails to comply with these solutions for a single penny" - he told the press in Kyiv on Wednesday. From his words imply that the motivation of the NBU is the mismatch of such transfer on the National Bank of Ukraine, banks and banking activities. Meanwhile, according to Uman, the Ministry of Finance does not consider those two billion international reserves of National Bank, as they were handed over to the NBU International Monetary Fund. According to Acting Minister, it would be a simple transfer of assets and liabilities of the National Bank to the Government. As reported, December 30, 2009 Board of Directors of the IMF was satisfied with the request of Ukrainian authorities on mitigating the conditions of the program stand-by by lowering the level of net international reserves of 14.9 billion dollars by approximately $ 2 billion. According to the explanation of the Fund, thanks to this decision, the Ukrainian authorities will be able to utilize existing resources to implement the external payments in a timely manner, among which there are also charges for gas, but at the same time, it does not require the IMF's new payments. The government interprets the decision as the right to redeploy previously obtained the National Bank of International Monetary Fund loan to the Government, while the National Bank itself believes that the IMF has only allowed to sell from the reserve currency in order to provide external payments, including payments for gas. However, for such purposes, the government needs the hryvnia means that there is an acute shortage. Back to news list