Here are a few phrases you do not want to see used to describe your national currency:
"Collapse"
"Off a cliff"
"All-time low"
Even better, you never want to see the same phrases used together.
But when the Ukranian hryvnya hit an all-time low against the dollar last week (HRN7.38:US$1), The Economist just couldn't help itself. Sorry Ukraine.
2 comments:
Sad... World Financial Crisis sows the seeds, but who is going to reap the harvest?
Like the pound and the złoty, the hryvnia went into the crisis a bit overvalued .... while inflation ran wild thanks to Yulka. If anything, the hryvnia freefall reflects a correction to inflation.
The article suggests that Yulka (if she is still in government) will restrict ATM withdrawals. This is one extreme of such a situation: http://news.bbc.co.uk/2/hi/africa/7759060.stm
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