Hryvnia currency hits all-time low

Hryvnia currency hits all-time low
Ukraine’s hryvnia closed at a historic low against the dollar on Friday, after the central bank reined in its support for the currency and tensions mounted in rebel-held separatist regions.
Alarmed by a crisis that has killed more than 4,000 people and poisoned relations between Kiev and Moscow, investors have dumped Ukrainian assets.
The central bank, which in the past month and half has spent $1.3 billion of its already severely-depleted reserves defending the hryvnia, abandoned an unofficial peg of 12.95 to the dollar on Monday.
The hryvnia weakened 11.7 percent in the course of the week and closed on Friday at 14.47 to the dollar.
Earlier on Friday, Ukraine’s central bank said foreign currency reserves had plummeted in October by almost a quarter month-on-month to $12.6 billion, their lowest since 2005.

Теги: BUSINESS
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