Ukraine’s Dollar Addiction
Inflation in Ukraine is skyrocketing, because its currency, the hryvnia, remains pegged to the US dollar. Unless Ukraine's central bank floats the currency soon, the outcome is likely to be a costly and unnecessary financial crisis.
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KYIV – Inflation in Ukraine is skyrocketing. By March, it reached 26% per year and continues to rise. Although prices are increasing around the world, Ukraine’s inflation is extreme, twice as much as in neighboring Russia. Amazingly, instead of dampening inflation, Ukraine’s central bank is stoking it.