UAH declines further following switch to managed float

UAH declines further following switch to managed float



10 листопада 2014 года
ICU

The hryvnia has fallen 3.7% to 14.52/USD over the past week as a result of postponed demand for US dollars and following the NBU's switch to a managed float from the 12.95/USD peg. A sort of political vacuum has resulted from the conclusion of elections and uncertainty regarding imminent changes in the administration. Although several ex-MPs tried to arouse public opinion by declaring the NBU's FX policy change to be destructive in allowing the hryvnia to decline so dramatically, they were largely ignored. Moreover, the external environment was unsupportive for the hryvnia all last week. The US dollar was on the rise once again (as it has been over the past few months) and the Russian ruble declined so severely that it caused a bank run on deposits in Russia. We expect these conditions to continue this week.

Источник: ICU

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