Traumatic memories of the 2008 global financial crisis, during which Ukraine's currency lost nearly half of its value, have returned. In recent weeks, the hryvnia has slipped at currency exchange booths from around 8.0 to the dollar to more than 8.2 before recovering some of its value in recent days. Concern remains high that a sharper devaluation will take place after the Oct. 28 parliamentary election, a prospect that officials deny.
Last week’s bump in the hryvnia-dollar rate reignited fears of rapid
devaluation, sparking even faster reassurances by Ukrainian government
officials that everything was under control. Experts agree some level of
devaluation will occur before or after the Oct. 28 parliamentary
election, but also point to ways in which citizens and businesses can
safeguard their assets or even turn a profit amidst the turmoil.