Ukrainian Currency Falls to 10 Year Low

February 27, 2014 Share Print 0

Ukraine’s currency, the hryvnia, has fallen to a new low of 10 to the US dollar.

The currency’s decline reflects political upheavals and longer-term persistent economic weakness.

But it is also likely to aggravate those underlying problems and adds to Ukraine’s need for international financial assistance.

The pressure is on the West and the International Monetary Fund (IMF) to help, as Russia seems unlikely to.

Even before the recent political upheavals, Ukraine’s economic performance was dismal. The economy is still smaller than it was in 1992, in the early days of post-Soviet independence.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.