After the grain, gasoline, and meat crises, a currency crisis has once again returned to Ukraine. There are statements by senior officials about the "stability and controllability" of the situation, and there is the dollar exchange rate. I don't know why TV people with radio announcers are announcing exchange rates these days. They are now a phantom thing. The rate exists, but the dollars don't. \nThe issue of the shortage of cash American money is getting to Ukrainians today. Your journalists spent a week checking the availability of cash dollars at exchange offices and operating cash desks in Lutsk. We came to ask for currency at nine in the morning, at noon, and in the evening. In vain... \nThe National Bank admits that the dollar crisis, in addition to seasonal fluctuations in demand, was caused by the government's recent populist decisions. This is stated in particular by Tetiana Sievko, deputy head of the NBU regional administration in the Volyn region: "Perhaps this year the rush was caused by additional social payments and the Presidential elections." \nIt is hard to believe, but today's situation absolutely does not correspond to the decisions recently adopted by the National Bank of Ukraine to saturate the market with currency as fully as possible. The country's main bank simplified the procedure for importing dollars from abroad and removed restrictions on currency exchange: previously, an exchange office could sell people as much currency in a day as it had bought. Now this norm has been abolished. \nFrom October 15, the NBU began selling cash currency to regional banks with a break of two working days. First, seven hundred thousand dollars arrived in Volyn, and then another 860 thousand dollars. It gives the impression that currency, like a Soviet-era shortage, is being thrown out to people. Over the past two weeks, the NBU has sold about 300 million dollars from its reserves. \nThey poured like a drop into the desert sand of Ukrainians' inflationary expectations. Demand for currency is enormous. For example, in twenty-five days of October, people bought more than 13 million dollars but handed in only about 4 million. For example, last Monday Volyn residents bought 2 million "bucks" at exchange offices. Bankers assure that an inflow of cash dollars should be expected a day or two after the NBU holds a currency auction. However, neither on Tuesday nor on Wednesday was it still possible to buy dollars, although on Monday banks in Volyn received another "green" tranche. \nMany experts suspect (and not without reason) that currency dealers benefited most from today's crisis. They sell cash currency, but at a rate of 5.50 - 5.60. There is reason to say that currency, having just arrived at exchange offices in the morning, quickly flows into the pockets and pouches of dealers near the Central Department Store or at bazaars. And the saddest thing is that the National Bank has no effective method of influencing the illegal market. And we have already forgotten about police raids against currency dealers. And they probably have more important things to do. In light of the latest resolutions of the government and local authorities, law enforcement officers must protect cheap meat at bazaars... \n
CURRENCY 'FATA MORGANA' WITH A HINT OF DÉJÀ VU
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