The level of dollarization of the Ukrainian economy fell by 2.55 percent in 2010, to 29.13 percent, reads an analytical review of the National Bank of Ukraine (NBU).
"The economy’s dollarization as of January 1, 2011 fell to 29.13 percent, compared to 31.68 percent as of early 2010," the document says.
According to the report, the stabilization of the currency market’s functioning, along with a certain improvement in the situation in the real economic sector promoted a fall of the impact of the devaluation factor on the expectations of economic agents, which has led to a gradual de-dollarization of the economy.
According to an offering memorandum on the issue of Ukraine’s eurobonds, a copy of which has been forwarded to Interfax-Ukraine, the level of the country’s dollarization is still high, which increases exchange risks and could worsen the quality of banks’ assets.
According to the document drawn up by the Ukrainian government, as of February 1, 2011, the dollarization of the Ukrainian financial system was 29.7 percent. In 2010 it was 29.1percent, and in 2009 it was 31.7 percent.
