Ukraine’s Economy Set to Drop 7.5% in Full-Blown Crisis
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Ukraine’s economy probably shrank 7.5 percent this year, after the conflict with eastern separatists and Russia’s takeover of Crimea helped trigger a “full-scale” financial crisis, central bank Governor Valeriya Gontareva said.
The Ukrainian banking system is “non-functioning,” and the rate of the hryvnia, which has fallen 48 percent against the dollar this year to become the world’s worst-performing currency, reflects its true value, Gontareva said today at a central bank briefing in Kiev. When asked whether Ukraine would default on its debt, she said: “I don’t think Ukraine needs to be a pariah country.”