2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Ukrainian hryvnia, despite the difficult political situation in the country, for quite a long time maintained a stable position against the Russian ruble. Nevertheless, the devaluation of this currency was inevitable. If we compare how much one hryvnia costs in rubles now and a little more than two years ago, we can see a steady trend towards the depreciation of Ukrainian national banknotes.
The hryvnia exchange rate against other currencies
Today, the Ukrainian hryvnia occupies a fairly reliable position relative to other currencies. This is due to the thoughtful monetary policy of the National Bank of Ukraine. In addition, although the state's economy is in a deep crisis, its condition has been stabilized. How many Belarusian rubles is the hryvnia worth? At the moment, the exchange rate of the Ukrainian currency against the Belarusian currency is 0,13 to 100. That is, one hundred Belarusian rubles are valued at thirteen Ukrainian kopecks. How many rubles is the hryvnia worth today? The ratio of the Ukrainian national currency and the Russian ruble is 0.41 to 1.
Reasons for the devaluation of the hryvnia in recent years
The main reasons for the decline in the quotes of the Ukrainian hryvnia, experts say the fall in production after the change of power in 2014. In addition, there was a significant outflow of capital outside the country. The trade balance of the Ukrainian economy should also be taken into account. All of these factors had a significant impact on the decrease in foreign exchange earnings of exporters and increased the demand for foreign currency.
It should be noted that after President Petro Poroshenko came to power in the spring of 2014, the Ukrainian currency was in a static position for some time. Many attribute this to the artificial support of the national currency until the early parliamentary elections in the fall of that year. Just a few months after the election campaign, the hryvnia devalued by more than 50%. If you look at how much one hryvnia costs in rubles in 2016 and compare it with its quotes at the beginning of 2015, you can see an almost identical ratio.
The future of the Ukrainian currency
Many are concerned about the question: will the hryvnia continue to fall or will it consolidate in its current fairly stable position? There is no definite answer to this question. This largely depends on the political situation in the country. In addition, onIn the east of Ukraine, a military conflict continues, which also affects the hryvnia exchange rate. Quotations of the Ukrainian national currency depend on the state's access to external borrowing. Therefore, the hryvnia exchange rate will be influenced by the success of cooperation with the International Monetary Fund.
How much does one hryvnia cost in rubles in Ukraine and Russia? At the moment, the official exchange rate of the Russian ruble, set by the NBU, is 0.46 Ukrainian hryvnia. At the same time, the Central Bank of the Russian Federation set the exchange rate at this level - 24.13 rubles for 10 Ukrainian hryvnias.
Ukrainian currency rate in pre-crisis years
And until 2014, when there was a change of power in Ukraine, the hryvnia constantly changed its course against the ruble. True, against the US dollar during the reign of President Viktor Yanukovych, it showed itself stable and traded at an average level of 8 hryvnia per US dollar. For example, in 2012, with the rise in oil prices, there was a steady trend towards the strengthening of the Russian ruble. If you look at how much one hryvnia costs in rubles today and then, you can notice a significant difference. At the same time, when analyzing the quotes of the two currencies in 2008 and 2016. it can be seen that the hryvnia against the Russian ruble has devalued by 2 times in 8 years. So, in 2008, before the onset of the global financial crisis, the Ukrainian monetary unit cost about five rubles. Now the ratio is approximately 1 to 2, 4 and slightly changes in one direction or the other.
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