How much has the Ukrainian hryvnia depreciated since its inception 26 years ago until now

The Ukrainian hryvnia was created 26 years ago, during which time it depreciated almost 23 times, reports the Ukrainian publication “Mirror of the Week”, quoted by Prime.

The hryvnia was introduced as a monetary unit on September 2, 1996, according to the presidential decree of Leonid Kuchma dated August 25, 1996. The official exchange rate against the dollar was then set by the National Bank of Ukraine at 1.76 hryvnias per dollar.

“During the first four years of its existence, the hryvnia weakened to 5.5 hryvnias per dollar (2000). The next downward jump was recorded in 2009 – 7.7 hryvnias per dollar. Further, the hryvnia rate continues to fall , while in 2015 the dollar was already valued at more than 28 hryvnias,” the Ukrainian publication wrote.

Ukraine has significantly devalued the hryvnia against the dollar, by how much

The main reason is the effects of the Russian invasion

It is recalled that at the beginning of this year, the National Bank of the country fixed the exchange rate at 29.25 hryvnias per dollar, but on July 21, the regulator raised the official rate of the dollar against the hryvnia by 25% to 36.6 hryvnias per dollar, i.e. . the hryvnia was devalued at once by 25%.

This provoked a panic in the country’s foreign exchange market, and a few hours later, the exchange rate of the hryvnia fell to 39-40 hryvnias per dollar.

According to Ukraine’s macro forecast, at the beginning of 2023 the hryvnia exchange rate will be 42 hryvnias to the dollar, and at the end of next year the hryvnia will depreciate to 50 hryvnias to the dollar.

Ukraine devalues ​​its national currency – which 2 major countries are at risk of soon following suit

The main reason is “galloping” inflation

The article is in bulgaria

Tags: Ukrainian hryvnia depreciated inception years

PREV UEFA introduces tougher penalties against attempts to provoke opponents – World Football
NEXT Data on the US labor market reassured European traders