Ukrainian hryvnia slump. Devaluation of Belarusian ruble unavoidable

The Ukrainian national currency continues going down against the dollar, the euro, and the Russian ruble. Experts suppose Belarus, where the situation is far worse, will inevitably face the Ukrainian scenario.

Banks sell the dollar for UAH 9 to the dollar, the euro costs UAH13.

Currency exchange offices buy the dollar for 7.90-8.55 hryvnias, while selling rate is UAH8.60-9.1 to the dollar, Ukrainian media report.

The euro purchasing rate is 11.0-11.85 hryvnias to the euro, selling rate is 11.80-13.0 hryvnias to the euro. The Russian ruble purchasing rate is 2.40-3.3 hryvnias, selling rate is 2.80-3.60 hryvnias to 10 rubles.

It should be reminded that the National Bank of Ukraine (NBU) reduced the hryvnia rate against the euro up to UAH 10.59 against euro. Besides, the UNB marked down the hryvnia rate against the dollar up to 7.73 vryvnias to the dollar.

Ukraine is seized with panic as bank deposits are depreciating and real payments, pensions, and buying power are falling down. However, a considerable price decline in dollar and euro equivalent can be noticed.

Experts suppose Belarus, where the situation is far worse, will inevitably face the Ukrainian scenario. The government of Ukraine has already received 4.5 billions out of a 16-billion loan of the International Monetary Fund. So, Ukraine has a kind of an “airbag”. However, the Ukrainian authorities have been marking down hryvnia rate for the last 4 months to support exporters and save the economy.

The national currency is expected to slash in Belarus. As the Belarusian ruble has strengthened against the hryvnia and the Russian ruble, Belarusian goods are becoming noncompetitive at markets of these countries. Under these conditions, devaluation of Belarusian ruble is unavoidable.