Currencies by Country:

What is the Ukrainian hryvnia (UAH)?

Credit Ratings & Outlook

In the latest credit ratings from December 1970, Moody's gives Ukraine a B2 rating, with a stable outlook. Fitch has a stable outlook with a B rating. Finally, S&P last issued a B+ rating, with a stable outlook.

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

Central Bank Rate

The current central bank interest rate is 7.50%. This is the same as 2011, which was 7.75%.

GDP

In 2010 the total GDP was $137,929,309,475 in US Dollars, while the per capita GDP was $3,006. It grew by 4.20% over the previous year.

Unemployment

The latest unemployment rate for 2009 is 8.80%.

Consumer Price Index

The latest consumer price index for 2010 is 195.36.

Political Structure

The current head of the government is Prime Minister Mykola Azarov, and the head of state is President Viktor Yanukovych (in an executive role).

Currency Details

The hryvnia, denoted by the ISO code UAH, is the official currency of Ukraine. It has been in use since 1996 after it replaced the coupon, which was the short-term currency used in Ukraine after it split from the Soviet Union. Divided into 100 kopiykas, the currency’s symbol is the cursive Ukranian letter “He” with a double horizontal stroke; it is said to symbolize stability.

Moody’s Rating
B2, 12 May 2009
S&P Rating
B-

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

What does it look like?

Political Structure

Ukraine is a republic with three separate branches: the executive, the legislative, and the judicial. The Head of State is the president who is elected for a five-year term by popular vote. The president also nominates the prime minister who must be confirmed by the parliament. This 450-member unicameral parliament, or Verkhovna Rada, makes up the legislative branch. Their job is to draft laws, ratify international treaties, appoint a number of officials, and elect judges. Ukraine’s judicial branch consists of the Supreme Court and the Constitutional Court.

Prominent Figures

Chief of State President Viktor YANUKOVYCH (since 25 February 2010)
Head of Government Prime Minister Mykola AZAROV (since 11 March 2010); First Deputy Prime Minister Andriy KLYUYEV (since 11 March 2010); Deputy Prime Ministers Volodymyr SEMYNOZHENKO, Borys KOLESNIKOV, Volodymyr SIVKOVYCH, Serhiy TYHTPKO, Viktor TYKHONOV, Viktor SLAUTA (all since 11 March 2010)
Cabinet Cabinet of Ministers selected by the prime minister; the only exceptions are the foreign and defense ministers, who are chosen by the president note: there is also a National Security and Defense Council or NSDC originally created in 1992 as the National Security Council; the NSDC staff is tasked with developing national security policy on domestic and international matters and advising the president; a Presidential Administration helps draft presidential edicts and provides policy support to the president
Elections president elected by popular vote for a five-year term (eligible for a second term); election last held 17 January 2010 with runoff 7 February 2010 (next to be held in 2015); under constitutional reforms that went into effect 1 January 2006, the majority in parliament takes the lead in naming the prime minister
Election Results Viktor YANUKOVYCH elected president; percent of vote – Viktor YANUKOVYCH 48.95%, Yuliya TYMOSHENKO 45.5%

Key Economic Factors

Overview:

Ukraine was a very important economic factor of the former Soviet Union, as its fertile soil provided more than 25% of agricultural output and its farms supplied large quantities of meat, milk, grains and vegetables. In addition, its diversified heavy industry was able to supply the unique equipment and raw materials to those industrial and mining sites that needed them. In the 1990s, Ukraine’s output was falling and inflation was pushed to hyperinflationary levels. Ukraine’s economy became susceptible to external shocks as it depended on Russia for energy supplies and was lacking structural reform. Officials have taken some measures towards reform such as lower tax rates; however, much more progress is needed. External institutions, mainly the IMF, have been encouraging Ukraine to undergo its reforms faster. In 2000, GDP showed its first growth since independence and continued to grow for the next few years. In general, stronger domestic demand, lower inflation and a strengthening of consumer and investor confidence have promoted growth.

Industries:

Coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals and food processing (especially sugar).

Agriculture Products:

Grain, sugar beets, sunflower seeds, vegetables, beef and milk.

Major Trading Partners:

Russia, Germany, Turkey and Italy.

Import Commodities:

Energy, machinery and equipment, and chemicals.

Export Commodities:

Ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, and food products.

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