The value of the hryvnia plummeted amid an insurgency of pro-Russian factions in the eastern part of Ukraine. The hryvnia has performed worse than any other currency in 2015. Ukrainian leaders put a freeze on currency trading in February 2015 in an attempt to bring the situation under control. At the time, the hryvnia was on course to lose 53 percent of its value against the dollar in 2015.
Ukraine's gross domestic product decreased by as much as 7.5 percent in 2014, according to the International Monetary Fund. The country's economy was expected to shrink by about 5.5 percent in 2015. Meanwhile its reserves dwindled to $6.4 billion, in comparison with $17.8 billion in 2014.
In the freeze on currency trading, banks were able to purchase currency for the purpose of their own operations, but this was capped at 0.5 percent of regulatory capital per business day. Some observers said that while such actions were fine in the short run, they likely would do harm to the economy as a whole due to the inability to trade.Learn more about Currency & Conversions