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- Over the last year situations both economic and political deteriorated in Ukraine. Last year, Russian annexed Crimea from Ukraine and pro-Russian rebels continue to advance against the government troops.
- In recent past US, Europe and IMF, all have moved ahead to help the government to help the current worsening of economic condition in Ukraine. With the help of Russia gone, Ukraine is in severe need of funds.
- Lawmakers in Kiev, capital of Ukraine rushed to clear the path of reforms to unlock the aid package of $ 17.5 billion from IMF on Monday.
- Ukrainian hryvnia (UAH) was the worst performing currency last year and it has depreciated to 34 against the dollar from just 15 on January 1st 2015. This is another 103% drop already.
- In response to the conditioned the central bank of Ukraine went ahead with the boldest move ever today and raised the interest rate by 1050 basis points to 30 percent. The currency fell to 24 against the dollar after the massive move.
- Situation still remains dire mainly on the political front with Russia and Ukraine won't be seeing improvement or investor interests until that end stabilize.
Any deterioration could further push the currency though it is expected to stabilize and move sideways for now.
