Kuwait reacts angrily to being cut out of Iraq and Turkey’s transport project
3 hours ago
The Ukrainian hryvnia is flying this year as foreigner investors pile into the local bond market following its tie-up with international payments and settlements system Clearstream.
“The Ukrainian hryvnia continues to strengthen, today it crossed UAH25/$1. It was last this strong three years ago in August 2016. The hryvnia has strengthened 10.7% in relation to the $ from Jan 1, 2019,” Anders Aslund, a Swedish economist and a senior fellow at the Atlantic Council said in a tweet.
The hryvnia has strengthened by 9.6% YTD against the dollar as foreigners keep pumping money into the hryvnia-denominated so-called “Borscht bonds,” according to the ICU in Kyiv.
Foreign investors have already bought some $2.5bn worth of local bonds and their share is now circa 7% of the total bonds outstanding from next to nothing a year ago.
“Despite already purchasing $2.5bn into reserves, the National Bank of Ukraine (NBU) has been criticized for buying too little allowing the hryvnia to appreciate too much,” ICU said in a note.
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