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Ukraine devalues the hryvnia by 25% against the dollar

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Ukraine’s central bank on Thursday announced it was devaluing the Ukrainian hryvnia by 25%, setting an official rate of 36.5686/dollar. It cited the change in the fundamental characteristics of the Ukrainian economy during the war and the strengthening of the U.S. dollar against other currencies. The U.S. and other western nations on Wednesday announced their intent to honor Ukraine’s request for a coordinated suspension of debt service through the end of 2023.

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