Vicious circle of Ukraine's financial casualties
Posted in the Austria Forum
Since: Mar 14
#1 Mar 21, 2014
There is no secret that current political crisis in Ukraine has greatly aggravated all long standing problems in this country, and quickly falling value of Ukraine's national currency, the hryvnia, is one of the consequences now. Well, at first, Ukraine's Central Bank had been making some efforts to stem the hryvnia's decline, by using its foreign exchange reserves to buy the hryvnia. But not so long ago it declared about its putting a stop to the hryvnia's buyup to support it. It means that the country's Central Bank has not enough reserves for it any more. And soon, as I've heard from one of my old friend, worked in Ukrainian unit of Raiffeisen Bank now, Ukrainian new authorities will have to declare officially about a big devaluation of existing national currency.
But who will defend the renewed hryvnia then, I wonder? Surely, we, European investors! Although in conditions of total collapse of current Ukrainian economy it cannot be done without our making big financial losses, which we cannot afford to do now because of own economic difficulties. The vicious circle, eh?
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