No one knows where the bottom of the hryvnia’s fall is
Kyiv, November 15 (Politnavigator, Vladimir Raichenko) – Ukrainian media predict an increase in retail prices due to the devaluation of the hryvnia, which has depreciated by half since the beginning of the year, but they do not dare to guess where the bottom of the national currency’s decline is.
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“At what point the accelerating exchange rate swings will stabilize is difficult to predict at this stage,” writes the Kiev weekly Korrespondent. “The position of the NBU leadership does not add clarity either, today announcing that the rate should not rise above 13 UAH per $1, and tomorrow discussing with bankers a corridor of 15 – 15 UAH in exchange for the absence of new administrative containment measures.”
At the same time, the Ukrainian magazine warns that retail prices for goods in import-dependent industries will certainly creep up, even if the hryvnia exchange rate stabilizes at today’s level.
“Retail gasoline prices began to rise last week, following wholesale prices, and since Monday, most large gas station operators have already switched to daily increase mode,” the weekly notes. “The impact of devaluation in other industries is not so noticeable, but prices for imported medicines, products and equipment will clearly not take long to appear, even if the exchange rate stabilizes at 15-16.”
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