Ukrainian monetary system

In 1996, Ukraine introduced the hryvnya (UAH) as a new national currency. The greatest success in regards to the economy has been the stabilization of the national currency. The hyperinflation (10,000 percent) of the early 1990s has been reduced to less than 20 percent. However, the hryvnya continues to depreciate in value. This is caused by the Asian and Russian financial crises of the late 1990s on the one hand, and Ukraine's current financial uncertainties and instability on the other. The value of the currency stood at UAH1.8295:$1 in 1996, but by February 2000, the value had slipped to UAH5.59:$1. The hryvnya lost 75 percent of its value to the dollar in 1999 alone. The hryvnya was badly affected by a fuel crisis in July 1999, when gasoline prices doubled over 1 week after imports from Russia declined. Price inflation reached about 25 percent by the end of 1999. The country's currency reserves diminished, as a result of trying to prop up the hryvnya. In early 1999, reserves stood at $2.34 billion, and by mid-1999 were reduced to $860 million. In order to shore up the hryvnya, in September of the same year the government decreed that Ukrainian banks had to keep at least 75 percent of their currency holdings in the national currency. After protests, the government relented and decreased the amount to 50 percent.

In 1991, legislation was enacted that created the nation's first stock market. By 1999, the market, known as the PFTS (the Ukrainian Broker/Dealer Association and Over-the-Counter Trading System), had 125 companies

Conclusion

I am very glad to get acquainted with traditions and customs of English people, who have been keeping them for many centuries. Their red double Decker buses, the tube, black taxis, red telephone boxes out doors are really unique.

Fire-places, traditional 5 o*clock tea, Christmas pudding, roast turkey became famous among British people.

Ukraine is a country of unforgettable traditions too. Ukrainian songs are the most feeling in the world.

Vareniky, borsch, salo, pampushki with garlic are the tastiest dishes not only in Ukraine but abroad.

We can enumerate all cultural values of bath countries till endless, because these two countries are full of surprises, colorful ceremonies and traditional festivals.

I am proud of living in Ukraine-the country of golden fields, blue rivers and fertile soil that our God Himself blesses and keeps.

The list of literature

1.Учебник английского языка для средних специальных учебных заведений Тарахина А.В, Тылкина С.А 1982 год

2.250 тем англійської мови Бойко В, Жидких Н, Каверіна В, Паніна О Донецьк 2002 рік

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