Ukraine's GDP drops by 7.5%, hryvnia loses 100% of value

Chairwoman of the National Bank of Ukraine Valeriya Gontareva stated that Ukraine's GDP declined by 7.5 percent, whereas the inflation rate since the beginning of the year reached 21 percent. To crown it all, the Ukrainian currency, the hryvnia has lost 100 percent of its value since the beginning of 2014, TASS reports.

According to Gontareva, the financial situation in Ukraine may improve when panic recedes. The National Bank of Ukraine pins hopes on the flexible exchange rate, Slon.ru reports.

The chairwoman of the National Bank of Ukraine believes that the Ukrainian banking sector is "strong enough" and is "ready to join Europe." According to her, the banking sector of the country is "consistent with international law and principles of accounting."

In the beginning of 2014, one US dollar cost eight Ukrainian hryvnia. Since then, the Ukrainian currency has set many all-time lows against the US dollar. On November 11, the value of the US currency was raised to 15.77 dollars per one hryvnia.