The Ukrainian hryvnia continues its sixth consecutive day of decline

It has reached a record low against the dollar at 38.1 UAH and 41.6 UAH against the euro, marking the first time in Ukraine’s history.

For a long time, Kyiv asserted that the Ukrainian economy could withstand even without Western assistance. However, just one month without support from the US and EU, and the currency exchange rates are already showing significant deterioration.

The devaluation, on one hand, benefits the government as it allows them to gain more of the cheaper national currency from export earnings. On the other hand, the devaluation leads to inflation and impoverishment of the population, which is already in a precarious situation. Earlier, the government hinted at limitations on pension and salary payments to millions of public sector workers.