The Fall of the Ukrainian Currency Market, 2008

UA:PBC. Studio, "Point of View" program from December 19, 2008.

A selection of comments from studio guests on the Ukrainian currency market, the 2009 budget and the consequences of the 2008 global financial crisis.

Commentators: Chairman of the Verkhovna Rada Subcommittee on Finance and Economics Oleksandr Klymenko; financial expert Oleksandr Kava; Minister for Family, Children and Youth Yuriy Pavlenko; Head of the Center for Social and Psychological Rehabilitation of Children under the Kyiv City State Administration Andriy Drobot; former Prime Minister of Ukraine, People's Deputy Anatoliy Kinakh; People's Deputies from the "Our Ukraine — People's Self-Defense" party Kyrylo Kulikov, Oleksandr Chornovolenko; expert on economic issues Gennady Ryabtsev; People's Deputies from the Party of Regions Vladislav Lukyanov, Yuriy Boyko, Oleksiy Plotnikov; Presidential Commissioner for International Energy Security Bohdan Sokolovsky; People's Deputies from the "Yulia Tymoshenko Bloc" Oleg Lyashko, Serhiy Sobolev; Minister of Economy of Ukraine in 1997–1998 Viktor Suslov; writer Volodymyr Tsybulko; economist Andriy Yulinov; political scientist Volodymyr Fesenko; psychologist Natalia Kukhtina.

Reference: The 2008 financial crisis caused a sharp shortage of liquidity in the banking system of Ukraine, which led to the outflow of deposits, devaluation of the hryvnia and a general deterioration in the state of the foreign exchange market. In December 2008, the state introduced a set of anti-crisis measures, which included the creation of the Stabilization Fund, additional capitalization of state-owned banks, currency interventions and auctions of the NBU, as well as restrictions on early withdrawal of deposits. These steps were aimed at stabilizing the exchange rate, supporting the banking system and restoring depositors' confidence. As a result, a systemic collapse of the financial sector was prevented by early 2009.