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08-07-2009 15:31 Yushchenko describes hryvnia devaluation as economically justified step
Ukrainian President Viktor Yushchenko has said that the hryvnia's devaluation is an economically justified step amid the economic crisis.
“We had to devalue the hryvnia by 52% since the start of the economic crisis. I don't often mention this, but I'm sure that this is one of the strategically right steps that currently help Ukrainian exporters rise from their knees. This is one of the steps aimed at helping the Ukrainian economy,” he said at a Ukrainian-Austrian business forum in Kyiv on Tuesday. Yushchenko also said that the devaluation of the national currency had triggered complications on the financial market, particularly problems in the deposit policy. He said that Ukraine had received nearly USD 14 billion in foreign investment last year. In all, he emphasized, “over the last three years, Ukraine has received nearly 90% of all of its investment that has come to the country over the last 18 years.” Yushchenko said that Ukraine did not hope to receive similar amount of investments this year due to the financial and economic crisis.
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