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. Last Updated: 07/27/2016

Yushchenko Blasts Bets Against Hryvna

Ukrainian President Viktor Yushchenko criticized the Central Bank for supporting lenders that bet against the hryvna, urging policymakers to support the currency after it lost a third of its value last year.

“We should maintain a clear policy,” Yushchenko said Tuesday in a statement. “A bank that doesn’t operate in the national interest is not a partner of the Central Bank.” Yushchenko earlier Tuesday met Central Bank Governor Volodymyr Stelmakh.

The hryvna has lost 2.9 percent against the dollar since Aug. 10, making it the world’s third-worst performer after the Nigerian naira and the Sierra Leone leone.

The “uncontrolled” state budget deficit will have a “negative effect” on the hryvna, Yushchenko said.

Kiev’s budget deficit will hit 6 percent of gross domestic product this year, the International Monetary Fund says.