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Sunday, August 20, 2017

NBU and business leaders discuss Ukrainian financial crisis

The governor of the National Bank of Ukraine (NBU) Valeriia Gontareva met with business community representatives discussing import and export concerns on Monday.

She stated that with current macroeconomic conditions in the country and that measures to curb them were unavoidable, even considering the negative impact that it had on business. She hopes that the central bank and business leaders can cooperate to mitigate the negatives of the imposed restriction on foreign exchange.

Anatoly Kinakh, head of the Ukrainian League of Industrialists, agreed that businesses and authority should work together so that no unnecessary harm befalls either entity and that the two communities need to be in open communication. The downward turn in domestic trade turnover is one issue that needs attention. Measures also need to be taken to curb inflation and the depreciation of the national currency, according to Kinakh.

"The country is currently experiencing its deepest crisis since independence. The business community is fully aware of the need to introduce administrative restrictions. At the same time, businesses expect the regulator to ease or rescind certain measures that have complicated doing business with foreign partners," Director General of Farmak JSC Filla Zhebrovska said. He also urged the government's involvement with the central bank to aid in repairing these concerns.

It was decided that future meetings between the bank and business community would be beneficial.

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National Bank of Ukraine 9 Instytutska St., Kyiv 01601

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