Ukraine has depreciated by 25% of the currency to deal with the increasing impact of t

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(Morning News) The central bank of Ukraine will depreciate the currency Hryvnia 25%against the US dollar on Thursday (July 21) to respond to the increasingly serious impact of the Russian and Ukraine war on the economy.

Reuters reported that the central bank of Ukraine said in a statement that the new exchange rate will be set at $ 1 against 36.5686 Griffner.In contrast, Griffner's exchange rate has remained at 29.5 in the past five months.

The central bank announced that the measures taken were "in view of the changes in the basic characteristics of the Ukraine economy during the war, and the strengthening of the US dollar to other currencies ... This measure will improve the competitiveness of Ukraine manufacturers, Make the exchange rate conditions of different enterprises and family groups, and support the toughness of the economy during the war. "

After the outbreak of the Russian and Ukraine War in February, the Ukrainian central bank suspended the Griffner transaction and tightened tighteningCapital control to help the government import key products and curb the rising inflation rate.

The central bank also announced in the statement that the Greffner exchange rate will be fixed at a new level.The central bank said that maintaining a fixed exchange rate will ensure that the state maintains the dynamic control of inflation and supports the uninterrupted operation of the financial system."This is the key condition for economic stable operation. It is very important during the war."

Before that, the Grevener exchange rate remained unchanged and caused Ukraine's international reserves to drop to the lowest level in more than two years.EssenceBecause the official exchange rate has not taken into account the deterioration of the past six months, exporters are unwilling to convert hard currency to local currency at the official exchange rate.The central bank believes that the new exchange rate will increase the foreign exchange inflows of exporters of Ukraine and minimize the "speculative behavior of market participants".