Courtesy of Mish.
Colonel Cassad reports It Takes 44 Hryvnia to Buy a Dollar in Mariupol.
Let’s do some quick math.
On Monday (perhaps reflective of Sunday) Ellen, who lives in Kiev wrote “Today $1 is worth 36 hryvnias on the black market. A Week ago it was 20 hryvnais. No one knows where the bottom is. People buy anything just to get rid of hryvnias.“
To be safe, let’s call it 10 days ago. In those 10 days, the hryvnia plunged from 20 to the dollar to 44 to the dollar.
That is a decline of 54.54% in about 10 days. Here is the key “People buy anything just to get rid of hryvnias“.
Laughable “Official” Rate
Here is an amusing chart from Investing.Com for February 25.
I explain the that chart below. Meanwhile, rest assured that not a damn thing transacts at that rate other than perhaps graft and illegal transactions by bankers and Ukrainian officials selling 25 hryvnias for a dollar.