Ukraine: First Review Under the Stand-By Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, and Rephasing of Purchases Under the Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion
Electronic Access:
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Summary:
Ukraine’s economic downturn has been sharper than originally envisaged, mostly reflecting the deterioration of the external environment. The staff report examines Ukraine’s first review under the Stand-By Arrangement, requests for Waivers of Nonobservance of Performance Criteria, and Rephasing of Purchases Under the Arrangement. A flexible exchange rate policy, supported by base money targets and a transparent intervention strategy, remains a key component of the program. Given balance sheet effects associated with unhedged foreign currency borrowing, the central bank stands ready to take action to avoid excessive exchange rate depreciation.
Series:
Country Report No. 2009/173
Subject:
Banking Currencies Exchange rate flexibility Exchange rates External debt Foreign exchange Money Public debt
English
Publication Date:
June 2, 2009
ISBN/ISSN:
9781451839166/1934-7685
Stock No:
1UKREA2009002
Pages:
76
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