Ukraine’s currency, the hryvnia, fell to a new record low against the dollar on Thursday.<br /><br />It has been falling in value for weeks due to the political and economic uncertainty in the country. <br /><br />But the decline accelerated after parliament stripped President Viktor Yanukovych of his powers on Saturday.<br /><br />Ukraine’s central bank said it was not going to buy the hryvnia to support it – anyway it is running out of foreign currency reserves to do that. <br /><br />Economists believe devaluation is justified given the country’s economic circumstances. <br /><br />Ukraine’s new prime minister Arseniy Yatsenyuk said securing a loan agreement with the International Monetary fund is vital for the country to stabilise the hryvnia.<br /><br />He told parliament: “We need immediately to sign an agreement with the IMF. As soon as a deal on an IMF programme has been signed, money will come for our reserves and we will be able to stabilise the exchange rate.”<br /><br />IMF visit sought<br /><br />Ukraine’s new finance minister said on Thursday he hoped an International Monetary Fund mission would visit Ukraine next week to work on a new aid package of at least $15 billion (10.96 billion euros) for the former Soviet republic.<br /><br />“Today we requested the IMF send a mission and we hope that it will be here next week,” the minister, Oleksander Shlapak, was quoted as saying by Interfax news agency.<br /><br />“It will be a new programme. We will be asking for at least $15 billion and then it will become clear,” he added.
