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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

Dear Hryvnia,

13 November, 2012 - 00:00
Photo by Viktor Marushchenko,The Day: The proud father eyes his baby

If truth be told, you are not as dear now as our President assured us not so long ago, but I am still happy to greet you as you enter your third year. Too bad your birthday is marred by numerous bad gifts, given among others by precisely those who begot you and lauded you (and themselves). Your "parents" refer to the international financial crisis, yet they are to blame for not looking after you properly and, whether accidentally or not, they let you fall to Hr 3.00 to the dollar on the Interbank Currency Exchange. True, lest you be upset on your birthday, this rate was not officially fixed. As a result of your infirmity, the Ukrainian people, not trusting anyone any longer but still determined to survive, does not hold you in much esteem, preferring your greenback counterpart. In August, $9.5 million more was bought than sold at the foreign currency exchange counters. The National Bank, your godfather, tried to save your face, spending $226 million last month alone to keep you within the old Hr 1.80-2.50 to the dollar currency corridor. By doing so, your godfather lost considerable weight, depleting his hard currency reserve by $600 million, leaving a mere $800 million. But the President promised that you will get better soon — that is, you will not get back in shape, you will just get broader as Mr. Kuchma will report the new size of the currency corridor at a latter date. Personally, I wish you a quick recovery after all that champagne consumed by your parents, and to heal all the bruises you received from your painful jumps and bruising falls.

 

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