BIS Review 63/2010  7  confident of a limited loss in the event of failure. The perception that public authorities will always socialise the costs of financial crisis reinforces private investors’ expectation that they will harvest more of the upside and shift more of the downside.
Thanks to the tight monetary policy as well as the benign global price environment for Ukrainian exports in the first half of the year, and the record harvest of grain crops in the second half of 2018, the hryvnia strengthened by 1.4% over the year. This is the sign of stabilization in the foreign exchange market of Ukraine.