former deputy chairman of the National bank Alexander Savchenko told Focus that, for a time the country have enough gold reserves and why the NBU should be very high salaries.
What hryvnia rate is objective, in your opinion?
biggest devaluation (weakening national currency) has been in Russia is 30% (we have, by the way, all 40%). By the logic of economic pragmatism, we must devalue its currency a little more than Russia, because it is our main competitor. They have the same exports - grain, fertilizers, metals, machinery.
During the crisis that would enable our products to become more competitive. That is the course should now be about 6,5-7 hryvnia for one dollar. Of course, the weaker the hryvnia, the greater the profits of exporters. But now they themselves are caught up in the ears of foreign currency loans, and even they would like to have a rational course. The same course provides a fundamental analysis of balance of payments.
In what state are now in reserves in Ukraine? Some people think that they are declining.
They are in excellent condition. We have a good exchange rate structure - a lot of euros, pounds there. Their volume is estimated at $ 27-28 billion, more than enough to cover three months of imports - is a critical minimum. ТрудноÑти не Ñ Ð²Ð°Ð»ÑŽÑ‚Ð½Ñ‹Ð¼Ð¸ активами, которые, кÑтати, дают отличный доход. Big problems with the hryvnia assets, which, unfortunately, will leave this year in the big minus.
Some analysts believe that the Cabinet extracts from NBU money by selling bonds goszayma him, in effect, forcing the National Bank to print hryvnia. Then the government to send these funds to cover the social security.
Exporters to his ears stuck in foreign currency loans, and even they already want to have a rational hryvnia rate
If this happens, it will be a wrong step. The budget deficit, which offset emissions, should be directed to investment projects. That is why other countries is hard - Germany, for example, published a lot of money. But they have all developed so that the money is nowhere to invest. We have also a unique situation: there are infrastructure projects, in particular to reduce energy consumption, which could be recouped in six months.
therefore emit hryvnia for public debt, we can in very large quantities, the only question is how to properly use it later (without inflation and devaluation). And it should be spent mainly on the real recapitalize banks, other investment projects, including Euro 2012. According to my estimates, the budget deficit in Ukraine for 2009 should be at least 10% of GDP - this, incidentally, is less than in the U.S. and the UK.
it true that the level of annual pay of top managers NBU over a million hryvnia?
Everyone needs to understand that the salaries of heads of NBU should be high - higher than, for example, in the Cabinet, or Verkhovna Rada (the minister is about 20 ths. and the prime minister - 40 thousand).
Their high incomes should be maintained primarily to work there are professionals and not be tempted to use the service position. After the central banks focus all the gold reserves, and access to the national currency is practically limitless. Therefore executives NBU should be holier than the Pope and smarter than Karl Marx.
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