Last week’s declaration of martial law put minor pressure on the hryvnia. This was contained by the National Bank of Ukraine selling $125 million in foreign exchange for Ukrainian currency, ICU bank reports. Measured against the currencies of Ukraine’s 27 largest trading partners, the hryvnia declined 1.2% last week. Year over year, it was up 4.1%. ICU writes: “Our expectations are that hryvnia will be around UAH28.2/USD with a slight decline to UAH29/USD until the end of the year due to an increase in liquidity with larger budget expenditures, which can cause a decline in FX offerings.”
Last week’s declaration of martial law put minor pressure on the hryvnia
