‘We believe that in the second half of 2015 the Ukrainian economy will begin to recover and gradually grow. Some recovery in manufacturing output is already observed in certain industries due to the depreciation effect and the launch of import-substitution production’, Valeria Gontareva said yesterday at a regular conference at the National Bank of Ukraine.
She emphasized that today, foreign investors show substantial interest in the Ukrainian economy. Valeria Gontareva believes that not only international financial istitutions but also private investors share this point of view and are gladly considering the opportunities to invest in Ukraine’s banking sector. In particular, the International Finance Corporation and the European Bank for Reconstruction and Development are embroiled in negotiations regarding investment in the capital of state-owned Ukrgazbank.
Investors of state-owned Ukreximbank also showed trust in the Ukrainian banking system and decided to extend the maturity of bonds falling due in April 2015 for another three months, until 27 July 2015, in order to approve and document a long-term decision as part of the overall public sector external debt management exercise in accordance with the agreement between Ukraine and the IMF. ‘There were difficult yet productive negotiations with the holders of Ukreximbank’s Eurobonds. I regard it as our common victory and very positive news for the country’s entire financial system’, Valeria Gontareva stressed.
All attendees of the conference have agreed that stable situation on foreign exchange market gives reasons for an optimistic forecast regarding the market’s future development. The Governor of the National Bank of Ukraine said that even the recent purchase by Naftogaz of Ukraine of almost US 186 million on open market did not cause significant exchange rate fluctuations. According to the Governor, in the last two weeks the National Bank of Ukraine was also able to replenish its net gold and foreign currency reserves by US 70 million. ‘While smoothening market fluctuations, the banking regulator must at the same time build up its net gold and foreign currency reserves to restore the country’s economic strength’, Valeria Gontareva emphasized.