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NBU Governor admitted a chance of negative balance of payments following 2011 results

Macroeconomic indicators forecasted in follow-up of 2011 were published at a working meeting of Governor of the National Bank of Ukraine Serhiy Arbuzov and foreign representatives of investment companies and funds, experts in investment activities, in particular Dragon Capital, Ice Canyon, Ashmore, Spinnaker, BTG, Stone Harbor, UBS and others. Mr. Arbuzov draw attention of meeting participants to key macroeconomic indicators: "It is clear today that our country’s GDP will show a 5% growth at the end of this year. Inflation level is expected to be approximately at 7.5%.”

He also noted a negative balance of payments was expected, however the National Bank of Ukraine had forecasted a positive consolidated balance of payments until recently: "We understand today that we will have a negative balance at the end of this year. But we are not concerned about it as we can see an overall trend. We can see the way a situation for the current account changing and a growth in our financial account. We also implement a series of measures to ease pressure on our gold and currency reserves. Particularly, this means making payments in rubles for power resource imports, which will enable us to stop spending our reserves for this expenditure. Besides, we take title to gold mining licenses which will be further put to reserves. We also implement the system of payments in national currencies between partner countries, i.e., China, Russian Federation, European countries, and others.”

Source: National Bank of Ukraine

 
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