Unreturned export proceeds almost doubled during crisis in Ukraine - NBU governor
MOSCOW. Feb 14 (Interfax) - The National Bank of Ukraine (NBU) promises to move towards further currency liberalization, avoiding individual decisions, but at the same time asks businesses to return forex proceeds on time and in full and avert fictitious import schemes, NBU Governor Andrei Pyshny said.
"Unreturned export proceeds have almost doubled during the crisis. This is a problem, and we need to talk about it. Similarly, we are pursuing schemes related to fictitious imports, which are draining our gold and forex reserves," Ukrainian media quoted him as saying at the Global Outlook event in Kiev on Wednesday, which the European Business Association traditionally holds once every six months.
The resource for further relaxation of forex restrictions is obviously limited, as it is formed by export proceeds and international financial assistance, while the risk of its irregularity has already materialized, Pyshny said.
The NBU is not an advocate of individual decisions, but intends to provide equal rules for all companies, Pyshny said. At the same time, he again refrained from naming any specific dates or deadlines.
When asked whether Ukraine will endure in 2024, Pyshny said that it will.
"Since there is no choice, we have survived for almost two years in a situation when it was more difficult," Pyshny said.
Last year, Ukraine managed to agree with the International Monetary Fund on a four-year program, to slash the inflation five times to 5.1%, start the discount rate reduction cycle a year ahead of time, and the European Union launched a 50-billion-euro four-year Ukraine Facility program this year, he said.
Pyshny added that Ukraine has already managed to endure two months without external assistance, though this kind of scenario seemed unfeasible in 2022.
At the same time, the NBU still assumes in its baseline forecast that Ukraine will receive the full amount of foreign aid in the planned amount of $37 billion in the 2024 state budget.