“USD Exchange Rate in Ukraine Goes Up But Prices for Basic Goods Won’t,” Mylovanov
The USD exchange rate in Ukraine is going up, but it will not affect prices for basic goods. Tymofii Mylovanov, President of Kyiv School of Economics and ex-Minister of Economic Development (2019 to 2020), talked about this during his briefing at Media Center Ukraine.
According to him, the exchange rate only went up on the cash market. However, the NBU exchange rate remains unchanged at UAH 29.25 per USD.
The critical imported goods, such as medicines, foods, and military goods, are procured at the NBU exchange rate on a cashless basis. Thus, the USD exchange rate growth on the cash market won’t affect prices for those goods.
“It means that the cash exchange rate we see on the streets will not influence the inflation of the essential gods.
The situation people are usually afraid of, with an increase in the exchange rate translated into a price hike, won’t happen this time. This exchange rate affects you if you want to buy dollars and buy something abroad with them. So, this is what the dual exchange rate in Ukraine is about,” Mylovanov explained.
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