The devaluation of the hryvnia was inevitable and had was something that was long overdue, said Yuriy Gorodnichenko, a professor of economics at University of California, Berkley.
But what should have been a slight devaluation was magnified by the war in eastern Ukraine that has continued to drain government resources, Gorodnichenko said.
Bloomberg called the Ukrainian hryvnia was called the world's worst performing currency for 2014. In the first two months of the 2015, the hryvnia lost more than half of its value, after halving in value during 2014, according to Reuters.
Gorodnichenko, who is also the co-founder of Vox Ukraine, spoke with Hromadske International's Angelina Kariakina via Skype on Feb. 25, 2015.