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Ukraine’s national currency is the world’s top performer against the US dollar so far in 2019

The hryvnia has posted almost 10% gains against the US dollar so far this year and enjoyed unprecedented levels of demand on the international bond market

Ukraine’s national currency is the world’s top performer against the US dollar so far in 2019
Ukraine's hryvnia currency has made significant gains in 2019 as the economy benefits from sustained growth and the feel-good factor of a generational shift in the country's political class
The Business Week/UkraineInvest
Thursday, 15 August 2019 14:04

The Ukrainian hryvnia gained 9.1% against the US dollar during the first seven months of 2019, making it the world’s best-performing currency over the seven-month period, according to National Bank of Ukraine (NBU) Chairman of the Board Bohdan Danylyshyn.

The NBU official cited a number of factors behind the hryvnia’s strong recent performance, including growing domestic consumption, favorable international commodities prices, and a sharp increase in purchases by non-residents of government bonds denominated in the national currency, leading to a thirteen-fold increase in the bond portfolio to USD 3.6 billion by the beginning of August. 

Introduced in 1996, the hryvnia has experienced a number of sharp devaluations over the past two decades but is currently enjoying one of its strongest periods of growth. 

 

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