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The National Bank of Ukraine (NBU) explains the decrease in the purchasing power of the hryvnia, which has decreased 14 times since its introduction into circulation, as a result of economic crises, which was accompanied by inflation and devaluation.
This is stated in a message on the website of the NBU.
«The change in the purchasing power of the national currency is an inevitable consequence of changes in the economy of any country that passes through periods of both economic growth and crises», the report said.
According to the NBU, the greatest fall in the purchasing power of the hryvnia occurred during the crisis periods of 1996, 1998-2000, 2004 and 2008, when the hryvnia lost most of its initial purchasing power.
NBU notes that the rise in the price level was accompanied by corresponding changes in the nominal and real incomes of the population (in particular, the average daily wage increased more than 50 times compared to 1996).
In addition, the role of non-cash settlements has significantly increased, and consumer behavior patterns have changed.
As the «Journalist» reported National Bank introduces new 1 and 2 hryvnia, which resemble 1 and 2 kopecks.
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