The devaluation of the hryvnia on the cash market in February 2016 was about 3% against the U.S. dollar / Photo from rodniknews.in.ua
The hryvnia, the Ukrainian national currency, weakened by 7.6% against the U.S. dollar in February, and its official forex rate set by the National Bank of Ukraine (NBU) was UAH 27.05 against U.S. dollar by the end of last month, according to the NBU.
The hryvnia against the euro lost 8.6% in value over the month, to UAH 29.78 per euro, the NBU said.
The devaluation of the hryvnia on the cash market in February 2016 was about 3% against the U.S. dollar and about 5% against the euro in the average weighted rate.
As UNIAN reported earlier, the weakest Ukrainian hryvnia was registered in February 2015 when its official forex rate hit a new historic peak of UAH 30.01 per U.S. dollar.
After the NBU in March 2015 introduced a number of limitations on the forex market and received a first tranche from the International Monetary Fund under a new Extended Fund Facility program, the national currency strengthened to UAH 21.5-23.5 per U.S. dollar, and remained at the level for more than nine months.
From the middle of January 2016, UAH/USD rates began to move to UAH 24-25 per U.S. dollar in January and to UAH 26-27 per U.S. dollar in February. Forex rates on the cash market and the black market hit UAH 27-29 per U.S. dollar.