Transfers of guest workers to Ukraine became the last straw for the hryvnia
In the past year, the hryvnia was saved from a catastrophic collapse not by IMF loans, but by migrant workers’ transfers from abroad home, says Alexander Okhrimenko, President of the Ukrainian Analytical Center, Candidate of Economic Sciences.
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“In 2016, guest workers transferred about $7 billion to Ukraine. And these 7 billion ensured currency stability. If in 2017 the flow of income from guest workers is at the same level, then there is a possibility that in 2017 the devaluation of the hryvnia will not exceed 20%,” the expert said at a press conference in Kyiv.
Okhrimenko added that the restrictions imposed by the Ukrainian authorities on money transfers, for example, from Russia, could ultimately lead to a shortage of foreign currency and a depreciation of the hryvnia.
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