Hryvnia could weaken due to trade balance

A rise in the December deficit of trade balance throws into question the stability of the current exchange rate of the hryvnia against the U.S. dollar in the mid-term.

The new figures of Ukraine's foreign trade are evidence of a high probability that the exchange rate of the hryvnia against foreign currencies will weaken in 2010, according to experts from the Sokrat Investment Group, UKRINFORM reported.

Analysts said that despite a significant improvement of Ukraine's trade balance compared to a huge deficit of 2008, it was yet far from reaching positive figures required to stabilize the national currency and service foreign debt.

According to official data, the deficit of Ukraine's trade balance totaled USD 1.4 billion in 2009, which is significantly better compared to USD 13.3 billion as a trade balance deficit recorded in 2008.

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