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Ukraine’s Hryvnia Plunges After Rate Rise
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Ukraine's central bank says its foreign currency and gold reserves dropped to $6.4 billion in Jan. 2015. The conflict in the east with the flareup in Fe.b 2015 is taking its toll on the Ukrainian economy. The central bank raised interest rates and moved to a freely floating exchange rate in Feb 2015. The currency hryvnia lost half of its value in 2014. Ukraine's currency lost one fifth of its value on Feb. 5, 2015. FactSet figures show the decline was down to 25 hryvnia to the U.S. dollar.
The EU's loan and grants package of $15 billion to Ukraine in March 2014
03/05/2014
For Ukraine the crisis has one positive aspect of assistance on better terms and prospect of recovery under guidance from the EU, and possibly the IMF. Before the crisis the EU faced with its own financial difficulties in the eurozone was reluctant to commit large scale assistance. A pro-western government in Kiev dependent on the EU, makes it easier for the EU to design the package so that the assistance works, and necessary conditions are provided by the Ukrainian government. Previous administrations in Kiev were mired in corruption, mismanagement of the economy, and Russian meddling or pressure, which the new government has the chance to avoid this time. Long term this could also offer the prospect of Ukraine- without the Russian speaking Crimea- joining the European Union.
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Ukraine's currency value fell by 50% in 2014. The economic situation worsened with the escalation of the war in eastern Ukraine and the increase in flow of Russian weapons and fighters. Foreign currency reserves were down to $6.4 billion in Jan. 2015, according to the central bank.
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