17:50 14.08.2019

Ukraine's Finance Ministry expects NBU to update hryvnia forex rate forecast before drafting budget

1 min read
Ukraine's Finance Ministry expects NBU to update hryvnia forex rate forecast before drafting budget

Ukraine's Finance Ministry has sent requests to the National Bank of Ukraine (NBU) regarding possible updates to the forecast for the hryvnia forex rate for 2020-2022 and expects feedback for drafting a new budget, Finance Minister Oksana Markarova has said.

"For the new government to submit the draft budget for 2020 on time, the Finance Ministry and the main managers proceed in accordance with the schedule of the budget process ... The Finance Ministry sent requests to the NBU regarding whether there will be more precise forecasts of the forex rate for 2020-2022 (in accordance with the Budget Code, it is the NBU that provides the Ministry for Economic Development and Trade with this indicator) and to the Ministry for Economic Development and Trade as to whether there will be changes regarding other indicators," Markarova wrote on Facebook on Wednesday.

She noted that henceforth it is necessary to avoid repeating the situation of 2018 and 'especially 2019,' when the forecast rates – both the average annual and that for the end of the year – significantly differ from the actual one. This situation affects the collection of budget revenues.

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