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Lawmaker sings the hryvnia blues

29.04.2011 | kyivweekly.com.ua

Should the current negative economic trends continue, the value of Ukraines national currency could nosedive to UAH 11/$US, peoples deputy and member of the BYT-Batkivshchyna faction Natalia Korolevska says. The lawmaker pointed to several economic factors that pose a serious threat to the value of the national currency. In January-February 2011 alone, Ukraines negative foreign trade balance exceeded 2 bn hryvnia. This is the highest indicator since the financial crisis in 2008. More and more imported goods are being brought into our country, while the level of export of domestically produced goods is in decline. National industry is producing less and less competitive goods that can be easily sold on foreign markets, Korolevska argued.

PH: UNIAN

At the same time, export is switching to a manual regulation mode. 30 companies out of 2,000 that submitted applications were granted automatic VAT returns. The overwhelming majority of exporters that represented Ukraine on foreign markets and earned hard currency for the country are today paralyzed by manual administration of VAT returns and export flows, the MP pointed out.

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