From January to May, the budget for 2020 did not receive a profit of UAH 7 billion due to a poor-quality exchange rate forecast for income, Chairman of the Auditing Chamber Valery Patskan says today.

“The budget for 2020 set the average exchange rate of UAH 27 per dollar which later was revised to UAH 30 per dollar. In fact, in the period from January to May, the dollar exchange rate was UAH 25.8,” he says.

Patskan also explains that this is why UAH 43 billion was not received in the 2019 budget.

It is not the first year that the Verkhovna Rada and the Cabinet of Ministers have been talking about the problem of the exchange rate and the resulting damage to the budget and the economy in general. Indeed, due to the artificial strengthening of the hryvnia, exporting companies are critically affected and do not receive the hryvnia profit.

The problems arise not solely for market reasons. There are also frauds and manipulations that do not bother the Ministry of Finance and the National Bank. Over the years, the Ministry of Finance has built a pyramid on government bonds, in which foreign speculators and relatives close to the former president Petro Poroshenko and his people (Valeriya Gontareva, Kateryna Rozhkova, Oleg Churiy, etc.) invested their capital. And the National Bank helped to safeguard, increase, and withdraw this capital from government bonds.

Rigging the market took place in the interests of Western and local speculators. When dollar capitals were stored in government bonds - the dollar rate rose. And when the capital was withdrawn from securities, the hryvnia began to strengthen. It happened back in 2019 and it is happening now, which constantly receives coverage in the media.

The most striking example can be the attacks on the Naftogaz interbank, which is particularly active in converting the dollar in June to transfer more than UAH 48 billion of dividends to the budget. Previously, it instantly sold currency into reserves of the National Bank and paid off the treasury. Now Naftogaz is making regular currency emissions on the interbank so that the dollar rate does not rise there. This is happening because hryvnia capitals are now being withdrawn from government bonds and dollars are being bought with them.

Everything is being done to help Western speculators and Poroshenko / Gontareva companies. At the same time, the state budget, business, and the economy of the country suffer.

Andrey Pshenichnyi for the site dubinsky.pro