OREANDA-NEWS. Ukrsotsbank Chairman, Borys Tymonkin stands for keeping the stability of the UAH rate. This was informed by the Bank’s press service.

According to Ukrsotsbank Chairman, keeping the stability of the UAH current rate would be the best solution of exchange rate mechanism. "I would not strengthen the rate, - Borys Tymonkin says, we always have to remember the lessons of the last revaluation, the consequence of which was the balance of trade minus surplus. I think that Ukraine has to follow countries that will become the absolute leaders of economic development already in the nearest future. First of all I am talking about China and India. Please note that China is also constantly advised to strengthen the yuan, but they quietly listen to international experts and keep the rate stable. Foreign currency exchange reserves are growing up, but what is bad with it? I am sure that such a country as Ukraine shouldn’t stop on the current level of foreign currency exchange reserves and I see nothing wrong with its increase“.

Borys Tymonkin also noted that the UAH is considered to be the best currency for savings. “UAH is stable and secured by foreign currency exchange reserves. If the amount of foreign currency exchange reserves is being multiplied by rate of UAH to USD, then we get UAH stock that is in circulation today. That is all the money stock in Ukraine is secured by foreign currency exchange reserves. This is a unique situation even some developed countries do not have it” - he says.