Inflation hits 44pc in Ukraine amid economic collapse…(Wait Till It Get’s Here!!)
War-torn economy sees prices soar as it plans to ease capital controls following IMF bail-out
By Mehreen Khan
TelegraphUK
29 Dec 2015
Inflation will hit 44pc in Ukraine this year, as the embattled economy has seen prices soar amid economic collapse.
Consumer prices have hit eye-watering levels in 2015, according to the country’s central bank governor. Inflation averaged 24.9pc in 2014.
Valeria Gontareva, of the National Bank of Ukraine, said authorities were aiming to get inflation to around 5pc by 2019.
The war-torn economy, which has been plunged into crisis following conflict with neighbouring giant Russia, will also start to gradually lift capital controls as it begins to receive disbursements of bail-out cash from international lenders, said Ms Gontareva.
Ukraine is set to receive around $9bn in rescue cash in 2016, including $4.5bn from the International Monetary Fund, $1.5bn from the EU, and $1bn loan guarantee from the United States, which will be released in the first quarter of next year.
The economy has also lumbered under capital controls which limit the purchasing of foreign exchange in a bid to protect the collapsing value of the hryvnia.
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