Ukraine’s Hryvnia’s all-time low reflects population’s panic

Written by on September 23, 2014 in Europe - Comments Off on Ukraine’s Hryvnia’s all-time low reflects population’s panic

Ukraine’s battered currency, the hrvynia, hit a new all-time low. The fear is that a population panicked by a year of revolution and war may drive it to further lows before the currency stabilizes.

The September 23 trade session on the interbank market closed with a rate of Hr 15 per U.S. dollar on the offer side. In the beginning of the year, the hryvnia stood at 8.04 against dollar, which means it devalued by 46 percent against the American currency.

However, central bank’s official rate is Hr 13.5 per dollar. The regulator announced on September 23 a new prohibition to prevent commercial banks from selling more than $200 to a single person.

For the full story, please visit The Kyiv Post.

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