Natalia Jaresko believes the situation in currency market caused by ramifications of speculations and emotions

On February 25, Finance Minister of Ukraine Natalia Jaresko and Chairwoman of the National Bank of Ukraine Valeriia Hontareva held a joint briefing following a meeting with the President of Ukraine, the Prime Minister and the Chairman of the Parliament. According to Natalia Jaresko, a set of measures aimed at stabilizing the foreign exchange market was worked out during this meeting.

"The purpose of our efforts is to restore order in this area and restore confidence. The current situation in the currency market is caused by ramifications of speculative actions and emotions. There is no reason for such a concern," the Minister of Finance said. She also stressed that the state possessed the currency and the current situation was nothing but a "game" against the Ukrainian hryvnia.

Natalia Jaresko also said that temporary measures would be introduced in order to stabilize the balance of payments. First of all, it concerns the introduction of a special import tax of 10% and 5%.

"This step will help us reduce pressure on the hryvnia from the balance of payments, and thus improve the situation in the foreign exchange market", the Minister of Finance highlighted.

She also reassured that there would be no increase in drug prices or gasoline, as the collection would not apply to critical imports, which includes these goods. Similarly, it will not apply to medical devices, energy resources (including gas) and other extremely important for the Ukrainian economy and population products.

During the briefing Natalia Jaresko underlined that the Government had no plans to carry out the nationalization of deposits. She also emphasized that the Government and the National Bank would work together to help reduce fraud and speculation in the market that, according to Minister, caused an increase in the emotional component in the foreign exchange market, as well as the psychological pressure on the Ukrainian hryvnia.

"In particular, we will carry out strict control over the return of foreign exchange earnings by domestic exporters," the official said.