International Reserves of Ukraine for the first time in the history of the country have exceeded $ 39 billion, said the head of the Council of the National Bank of Ukraine (NBU) Poroshenko. "Achieving the level of reserves at $ 39 billion should send a positive signal," - he said at the opening of the seventh Ukrainian Investment Summit Adam Smith Conferences in London on Monday. Poroshenko added that the NBU predicts faster growth in gross domestic product in 2011 to 5,3%. Among other positive news, he called the increase in credits to the economy in the first quarter by 6% and reduced loan rates since early this year with 15,5% to 13% per annum. Asked about the feasibility of further increasing the international reserves of the country, the head of the NBU Council stressed that this issue is in full competence of the board of the central bank. According to him, the Council of the National Bank supports the steps of government to liberalize the foreign exchange market. According to Poroshenko, measures such as allowing foreign currency swaps provide a smooth transition to a more flexible exchange rate policy without shocks to economic actors. Head of the Board stressed that the size of the issue of hryvnia at the increase in foreign exchange reserves is in full compliance with the basic principles of monetary policy in 2011. According to him, the balanced policy of NBU and the government today precludes a monetary contribution to the acceleration of inflation. "The main risks to inflation remain external shocks", - said Poroshenko. Materials: Interfax-Ukraine
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