Ukraine Facing Financial Instability But IMF May Help Soon - SPIEGEL ONLINE #EuroMaidan

Ukraine Facing Financial Instability But IMF May Help Soon - SPIEGEL ONLINE:



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REUTERS

Ukrainian Central Bank governor Stepan Kubiv during a press conference on Friday announcing new withdrawal limits.

Stepan Kubiv, 51, looks as earnest as one would expect for the president of a central bank. Yet in Kubiv's case, he has only held his office as the governor of Ukraine's national bank since Monday. Prior to that, he was a "commandant" of Ukraine's Euromaidan opposition movement, which managed to topple President Viktor Yanukovych. Now Kubiv must take up a different battle -- keeping his country from financial collapse.



On Wednesday, Kubiv noted that his country's foreign currency reserves had dropped from $17.8 billion (€13 billion) to $15 billion just since the beginning of February, as the national bank attempted to prop up the exchange rate of the country's currency, the hryvnia. Those efforts met with little success, and the hryvnia has fallen to a record low against the dollar."



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