Ukraine Currency Collapse

Although many people are commenting on the collapse of the Russian ruble, they should be very concerned about the Ukraine Hrvynia.

The currency has devalued by over 47 percent since the start of the year. Exchange rates today stood at:

UAH/USD - 15.50

UAH/EUR - 19.00

UAH/GBP - 24.00

But I'm sure it might have changed while I was writing this.

The NBU (National Bank of Ukraine) claimed today that the Hryvnia will not go any weaker than 16.00 to the USD. I would not gamble on it.

For those of us in business who need to purchase foreign currency for transactions it is beyond any joke.