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Tuesday, September 25, 2007

McDonbas 2: Yanukovych Cabinet Member Calls U.S. Dollar “Our National Currency”

"Ми не допустимо обвалу долара. Хто, що б з експертів не говорив, – ми ці політичні страшилки чуємо вже давно, – ми захистимо свою національну валюту, і не допустимо її здешевлення".

We will not allow a dollar collapse. Whatever the experts say — and we’ve been hearing these political bugaboos for a long time — we will protect our national currency and will not allow its devaluation.

— Yuriy Boiko, Minister of Energy

Whose national currency is he talking about? Are we to assume that the Federal Reserve has members of the Yanukovych Cabinet on its payrolls?



Anonymous said...

Say it isn't so -----

'Yanukovych sacked his American spin doctor'

Could the slippage in polls be the ans.?

or could be the 'white brotherhood'?



T - thanks for the quote - it all makes sense now. Ukraine is protecting its 'national' currency. I was wondering what the story was about how the hv has not gained considerably more. It is just too freaky for words.

Anonymous said...

Darn it - when will it be the hryvnia's turn to have such headlines?

'Euro hits all-time high'



Anonymous said...

Oh thank goodness - it was all just internet spin - back to America R Us.

'No shifts planned in team of Party of Regions consultants before election – Levochkin'

elmer said...

Consider where Boiko and the rest of those jerks keep their money.

Then it will all make sense why they don't want a dollar collapse.

As long as you have the thugs from the PoR having some measure of control, Ukraine's hryvnia will not do well.

Taras said...

Extreme fluctuations — whether a currency appreciates or depreciates — can be tricky.

What this Freudian story clearly shows us is the “FOREX position” held by the Yanukovych Cabinet. It shows us how stabilnist holds Ukraine’s “forgotten” currency, the hryvnia, hostage to an economic model premised on cheap labor and low-tech commodity exports. The chronically undervalued hryvnia is one of the many faces of stabilnist. (The weak dollar merits a separate discussion.)

I’ve heard about Manafort’s "nestabilnist," which is both good and bad news. Remember, the lower the rating, the stronger the temptation to engage in fraud or to blame failure on the other side.

Let’s see if the news is confirmed. So far, Kolesnikov has vehemently denied it. Given the weight of the moment, they might want to keep it in the family:)

Anonymous said...

Regarding the Forex position of Yanukovych Cabinet - my ques. is where is the money coming from to maintain its stability????

and it bums me out that Ukrainians are not able to enjoy the adv. of a weaker dollar. (Time to vacation and shop in the US if you can get the visa!)


Anonymous said...

Link to a site with the Boyko quote.
Бойко обіцяє втримати долар від обвалу


Taras said...

How about we introduce Boiko to Bernanke;)?

In stark contrast with the world financial markets, the dollar is so damn stable in Ukraine! Our thanks go to the National Bank’s policy of keeping the hryvnia undervalued, which helps Ukrainian consumers help Donbas exporters.

“The rich will help the poor,” remember the song? I guess that policy makes us, Ukrainian consumers, "the rich.":)))

Anonymous said...

Kinakh announces could have Cabinet going off the dollar in 2009/10

Hryvnia will remain stable.

predictions for 2008
4,95-5,25 hv to $1

Anonymous said...

Sorry this story is just too good to let go!

And bless the 'national currency' rise due to prospector's tradings :)

The dollar increases in value