Chart: Ukraine’s currency causes pain at the pump

In the last year and a half, the Ukraine was hit hard by a de facto war, territorial losses, and a deepening economic crisis. As a result, its national currency – the Ukrainian Hryvnia (UAH) – suffers heavy losses against major international currencies. For instance, the exchange rate against the US dollar changed dramatically for the last 15 months. According to the official records of the National Bank of Ukraine, in the beginning of 2014 1 US Dollar cost nearly 800 UAH and by the end of March 2015 the rate was around 2300 UAH per Dollar. The retail market for gasoline and diesel is liberalized so a dramatic alteration of the exchange rate creates a dramatic change in fuel prices at the pump. In the chart below, we show how the depreciating local currency leads to serious price hikes at the gas stations.

To see the latest updates please refer to the gasoline prices in Ukraine.

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