The Collapse of the Ukrainian Hryvnia Becomes Irreversible

Translated by Ollie Richardson & Angelina Siard

00:30:28
17/12/2017

Aleksandr Goncharov (Director of the Institute of Economic Development of Ukraine)


IT IS THE HRYVNIA THAT PAYS FOR ALL THE MISTAKES OF THE CABINET OF MINISTERS AND THE VERKHOVNA RADA OF UKRAINE.

Yesterday, on December 15th, the quotations of the hryvnia to “American” on the interbank exchange were established by 17:00 at the level of 27.71-27.74 UAH for 1 US dollar. I.e., just for the last day the hryvnia lost more than 20 kopeks. Our national currency, judging by everything, will depreciate further. Imagine how many (!) flagrant miscalculations the ministers and people’s deputies needed to allow so that after the sharp falling of quotations of “American” immediately after the increase on December 14th of the key interest rate of the Federal Reserve System by 0.25% the cost of the hryvnia just collapsed. Most likely, also in the following 2018 the US dollar will weaken against the main world currencies, but the hryvnia will depreciate even quicker. Well, and of course, the purchases of the Ministry of Finance to cover in 2018 the debt expenditure of $4 billion will negatively affect the hryvnia exchange rate.

 

A screenshot of the UAH to $ exchange rate before and after Victoria Nuland distributed her cookies on Maidan

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