St. CHERNOVETSKIY Explains why Dollar Was, Is and Will be Strong
OREANDA-NEWS. In connection with the last events at the world market when many people considered that dollar's power was decreasing, many Ukrainians asked themselves questions: "What should they await from US dollar? In what currency is it better to keep savings?"
Stepan CHERNOVETSKIY, chairman of the board of PRAVEX-BANK, commenting this situation, indicates the strength of American currency and independence of Ukrainian economy from temporary agitations of world market. "It's not a secret that Ukraine economy depends much from US dollar and more than 80% of export-import operations are paid in American currency. Leading industries of domestic economy, oriented to export: metallurgy, chemical complex, processing industries provide a significant onflow of currency into Ukraine economy. On the other side Ukraine pays for all energy resources also using American dollar. Thus, dollar circulation in all international trading operations, increase of Ukraine role as exporter, promote dollar stability in our economy.
NBU acts a key part in dollar rate formation, which has in its disposal significant foreign currency stock, which this year, for the first time in the history of independent Ukraine, achieved the mark of USD 30 bln. Using this stock National Bank of Ukraine can deal both with excess and lack of currency in Ukrainian market, constantly providing, this way, dollar power. Moreover, huge share of this currency in stock of such aces of world economy as China, Japan, Russia indicate of trust rate to US dollar. From this point of view one can easily state that US dollar is the "blood" of all world economy and its stability, in general, is provided by the biggest world economies.
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