Word: hryvnia
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...some places, the crisis has actually helped stimulate business. Ukraine's currency, the hryvnia, has lost about 35% of its value against the dollar and euro since the start of the downturn, a change that experts say is likely to boost the country's growing tourism sector and thereby the number of visitors willing to pay for a thrill. "The country is becoming a paradise for sex tourism before our eyes," says Yuri Lutsenko, Ukraine's interior minister, who worries about the trend. Police experts forecast that Ukraine's sex industry will more than double its revenues this year, generating...
Every morning Alexander Vesna, 63, makes the same journey to his bank in the center of Kiev. He stands in line for five or six hours before he is allowed to take out a maximum of 300 hryvnia ($35). "It's my money," he says. "But they won't let me have...
...alone in his frustration. In the past two weeks tens of thousands of Ukrainians have descended upon banks across Kiev, anxious to get hold of their cash. With a number of banks already under the administration of the National Bank, worried citizens have drained over 20% of hryvnia deposits since November. As banks struggle to come up with enough cash to meet demand, one has even proposed a scheme of exchanging deposits for homes that have been repossessed. "I have to come here every day to stand in line in the cold, with no food or toilet," Vesna says...
...most by the financial crisis. The metal and chemical industries that drive the country's economy have slashed production, unemployment is on the rise - according to the Kiev International Institute of Sociology (KIIS), over 10% of Ukrainians have lost their jobs since the start of the crisis - and the hryvnia has plummeted, shedding over a third of its value against the dollar since last summer...
...elect are worried about the challenges facing him. Does Viktor Yushchenko have what it takes? How pro-Western - and pro-democratic - is he? As a competent central banker in the '90s, he helped protect Ukraine from the impact of the Russian financial meltdown in 1998 and established the Ukrainian hryvnia as a stable currency. He then transformed himself into a low-key Premier, appointed in December 1999 in a deal to dissuade him from running for the presidency against Kuchma. He stood by Kuchma during allegations against the regime of corruption and murder of political opponents. The most scandalous allegation...
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