Speaking to mass media representatives at the Information meeting on “NBU statistical products: opportunities for users”, which was hosted by the National Bank of Ukraine on 6 July, Mr. Valerii Lytvytskyi, Head of the NBU Governor’s Group of Advisers, asserted that the cost of government borrowing had fallen significantly.

“The yield on Ukrainian bonds place abroad exceeded 11% in May. It stands at 9%, which reflects a real shift in the perception of economic developments in Ukraine by the international community. Ukraine’s economic growth shows signs of stabilizing in the first two quarters of 2012. Statistical data released in May suggest that the Ukrainian economy is growing at a slightly faster pace after exhibiting weak growth in the fourth quarter of 2012,” said Mr.Valerii Lytvitskyi.

According to him, the financial market of Ukraine operates smoothly: “We intervene in the market by both purchasing and selling foreign exchange. The National Bank of Ukraine’s cooperation with the world’s leading central banks is growing fast. I would like to remind you that a three-year currency swap agreement worth USD 2.36 billion was signed between Ukraine and China during the recent visit to the People’s Republic of China by Governor of the National Bank of Ukraine Sergiy Arbuzov.

In addition, Mr. Valerii Lytvytskyi pointed out that developed economies might be subject to slight fluctuations in the exchange rate. “The National Bank of Ukraine accumulates reserves to use them in due course. We also can resort to net credit emission to purchase foreign exchange when required and to the extent required,” he added.