Finance ministry proposes setting hryvnia exchange rate at UAH 12/$1 during revision of national budget
The Finance Ministry has proposed that the hryvnia exchange rate be set at UAH 12/$1 in the revised national budget for 2014.
"When we planned the budget we took a figure of UAH 10.8/$1 until the end of the year. Now we have a figure of UAH 12/$1," Finance Minister Oleksandr Shlapak said at a meeting of the conciliation board of the heads of the parliamentary factions and committees on Monday.
He added that the expenses of the budget should be increased to service debt liabilities and for those colleagues who are linked to the exchange rate difference – our diplomats, military attaché and others.
He said that it is predicted that GDP will fall by 6.5% by the end of this year.
"Unfortunately, this will entail the non-fulfillment of the revenues target of the budget. We forecast that the under-fulfillment by the end of this year will total another UAH 13 billion," Shlapak said.
The minister said that the budget gap between revenues and expenses of the budget is expected to be UAH 31 billion.
