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Emerging Europe and CIS

UAH: Getting Closer to the Day of Reckoning

By Natalia Gurushina, Evghenia Sleptsova and Rachel Ziemba

The deterioration in Ukraine’s external and macroeconomic indicators (falling FX reserves, declining local FX deposits) and a hefty external financing burden suggests the central bank will have little choice but to allow UAH devaluation.

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