State of the Economy of Ukraine

by Olha Povaliaieva
Tuesday, January 25, 2022
State of the Economy of Ukraine

Gold and foreign exchange reserves, a sound policy, and the support of foreign partners create the basis for a stable economy of the country

This was announced by the prime minister of Ukraine, Denys Shmyhal, at a briefing on the results of the National Security and Defense Council meeting.

“There are no threats to the functioning of the national economy, except for information, especially disinformation pressure. There are no other factors that can destabilize the national economy today. We must understand that we can count on our foreign partners, that our country's economy, gold, and foreign exchange reserves and the stability of the economy absolutely guarantee us a smooth passage through this period,” Shmyhal.

About gold reserves. He noted that currently, Ukraine has one of the highest levels of gold and foreign exchange reserves, more than $30 bln, which makes it possible to ensure a stable exchange rate in the foreign exchange market. In addition, last year, the budget was fully implemented, the revenues of which increased by ₴206 bln compared to 2020. Shmyhal stressed that in 2021 there was an increase in export of goods by 38% import — by 33%.

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