Monday, August 18, 2014

Ukraine’s currency is collapsing, and there isn’t much it can do to stop it - Quartz

Ukraine’s military is engaged in fierce fighting in the east of the country. Meanwhile, a convoy of humanitarian aid from Russia is heading toward the border, presenting a diplomatic headache for Kyiv, which remains deeply suspicious of Moscow’s motives. For its part, NATO reckons that the aid could provide a pretext for invasion by Russian troops. There are, after all, some 20,000 Russian soldiers massed at the border.

The latest escalation in tensions has taken its toll on Ukraine’s teetering economy. Its currency, the hryvnia, is plumbing new depths this week. Languishing at all-time lows against the dollar, the currency has lost almost 40% of its value against the dollar so far this year:

CC Photo Google Image Search Source is img qz com  Subject is year to date change in value of ukrainian hryvnia vs us dollar rate chartbuilder

Complete story at - Ukraine’s currency is collapsing, and there isn’t much it can do to stop it - Quartz

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