Hryvnia steady alongside the dollar

Макроэкономика 26.05.2015 In anticipation of further developments of the external debt restructuring process, the UAH was unchanged at 20.7500/USD yesterday. We expect this to continue through the summer, and possibly into the autumn, as authorities are unlikely to remove any capital restrictions imposed during the past year before the restructuring is negotiated. Despite the USD extending gains from last week's better-than-forecast core CPI data, the UAH held steady. The parallel trading of the hryvnia and the USD will inevitably decouple.