Tuesday 3 December 2013

UAH you wanna convert? | FT Alphaville - #EuroMaidan

UAH you wanna convert? | FT Alphaville:

"For those lucky enough not to recognise the FX shorthand… that’s a weak pun involving the overvalued and pegged Ukrainian hryvnia.

It’s alluding to the idea that Ukrainian households might, as protests over the rejection of an EU free trade deal last month continue, decide to start converting their deposits into FX. They have form.

That would put a whole load of pressure on already skimpy FX reserves — which at $20bn are down to covering about two and a half months of imports, below the fairly arbitrary three months that makes the IMF all sweaty."

'via Blog this'

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