Crisis in Ukraine

   Ukraine during the crisis taken a large loan to the IMF amounting to 16.5 billion dollars, with total gold and foreign exchange reserves of the country at this moment about 32 billion dollars. The fund was raised and Ukraine adopted conditions of economic management of the country. On December 1, 2008 received the first tranche - 4 billion loan is for debt repayment to Western creditors of commercial enterprises and banks in Ukraine. Notwithstanding the loan, Ukraine is one of the most affected by the crisis:

   In October 2008, industrial production in Ukraine fell by 19.8% and for the first time since August 2005 was recorded drop in GDP - 2,1%.

   In November of 2008 the GDP of Ukraine fell by 14% in relation to November 2007.

   At the November 2008 fall of production by November 2007 were as follows: light industry -19.1%, -29% processing industry, mining industry -32.1%, chemical industry -35.2%, -38.8% engineering, metallurgy -48.8%.

   UAH devalued more than doubled relative to the dollar for the period 4 months: from 4,60 UAH. in August to 10 UAH. December 18, 2008 for $ 1. It should however be noted that since April 2009 hryvnia exchange rate went up sharply and by mid-May has already reached 7.4 UAH / USD.

   Public refusal in November 2008 the National Bank of Ukraine in accordance with these Terms of IMF loan, from the support hryvnia exchange rate.

   According to the statement of Prime Minister Yulia Tymoshenko on 18 and 19 December 2008, the NBU instead of supporting a stable hryvnia exchange rate, which is written in the article. 99 of the Constitution, held in the foreign exchange market "speculation in the course" and "special speculative" to "shadow" schemes "in favor of several commercial banks, including Bank" Nadra ", selling them to foreign currency and providing refinancing at a significantly undervalued, with the leadership National Bank of Ukraine received the "rollback" to 7% of the amount. Also NBU leadership threatened by Tymoshenko, if she divulge this information. December 18 establishes temporary investigatory commissions of the Verkhovna Rada for the Investigation of the NBU.

   National Bank on Dec. 19 announced the possibility of "internal default, pre-charging the government in it.

   In October, a special resolution of the NBU has forbidden prematurely withdraw money from banks. As a result of the "frozen" hryvnia deposits, which can not take away from the banks, greatly depreciated and continues to depreciate.

   In November-December, many commercial banks to unilaterally raise the interest rates on previously issued currency and hryvnia loans - an average of one and a half times. Thus, foreign currency loans become a trap. As at 11 December, on the official (low) rate of 7.47 UAH / USD. currency loans only to individuals amounted to 191.7 billion hryvnia, rising from 130 billion UAH. in October exclusively from the fall of the hryvnia. Since November the population credit banks almost completely stopped.

   Foreign trade deficit (excess of imports to exports), reached 10 months of 2008 17 billion dollars. To cover this deficit had been brought borrow abroad and domestically.

   A significant reduction in liquidity reserves NBU - with 38 billion between September 1 and 27.2 billion dollars in December