Ukraine: Ukrainian hryvnia gains some lost ground in May, shows signs of stabilization
May 11, 2015
The Ukrainian hryvnia (UAH) has begun to show signs of stabilizing in recent weeks, following the extremely high volatility that has characterized the currency over the past year. The hryvnia hit a high of 20.52 UAH per USD on 7 May, which marked a 3.4% appreciation over the same day of the previous month and the highest value recorded since 4 February. However, the result still marks a 76.5% depreciation over the same day of last year.
The currency had gained lost ground in recent weeks, driven by optimism surrounding the approval of IMF funds. Further, the recent relative stability in the value of the hryvnia comes on the back of the stabilization measures undertaken by Ukraine’s Central Bank.