The Ukrainian hryvnia, despite the difficult political situation in the country, for quite a long time maintained a stable position relative to the Russian ruble. Nevertheless, the devaluation of this currency was inevitable. If we compare how much one hryvnia in rubles costs now and a little over two years ago, we can see a steady tendency to depreciate Ukrainian national currency.
Hryvnia exchange rate against other currencies
To date, the Ukrainian hryvnia is in a fairly reliable position relative to other currencies. This is due to a sound monetary policy of the National Bank of Ukraine. In addition, although the state’s economy is in deep crisis, its condition has been stabilized. How many Belarusian rubles is the hryvnia? At present, the exchange rate of the Ukrainian currency against the Belarusian currency is 0.13 to 100. That is, one hundred Belarusian rubles are estimated at thirteen Ukrainian kopecks. How many rubles is the hryvnia today? The ratio of the Ukrainian national currency to 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 quotations of the Ukrainian hryvnia, experts call the decline 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 these factors had a significant impact on the decrease in foreign exchange earnings of exporters and increased 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 maintenance of the national currency rate until early parliamentary elections in the autumn 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 in rubles costs in 2016 and compare with its quotes at the beginning of 2015, you can see an almost identical ratio.
The future of Ukrainian currency
Many are worried about the question: will the hryvnia continue to fall or will it gain a foothold in the current rather stable situation? There is no single answer to this question. This largely depends on the political situation in the country. In addition, military conflict continues in eastern Ukraine, which also affects the hryvnia exchange rate. Quotations of the Ukrainian national currency depend on the state’s access to external borrowing. Therefore, the success of cooperation with the International Monetary Fund will affect the hryvnia exchange rate.
How much is one hryvnia in rubles in Ukraine and in Russia? At the moment, the official rate of the Russian ruble, set by the NBU, is 0.46 Ukrainian hryvnias. 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.
The exchange rate of the Ukrainian currency in the pre-crisis years
And until 2014, when a change of power took place in Ukraine, the hryvnia against the ruble constantly changed its course. True, with respect to the American dollar, during the reign of President Viktor Yanukovych, it showed itself stably and was trading at an average level of 8 hryvnia per US dollar. For example, in 2012, with rising oil prices, there was a steady tendency to strengthen 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 quotes of two currencies in 2008 and 2016. it is clear that the hryvnia relative to the Russian ruble over 8 years has devalued by 2 times. So, in 2008, before the onset of the global financial crisis, the Ukrainian currency was worth about five rubles. Now the ratio is about 1 to 2.4 and varies slightly in one direction or the other.