According to analysts at Goldman Sachs, recovery in Ukraine’s economy and record-high FX reserves are creating upward pressure on the hryvnia which is likely to be sustained even as the country starts to reduce interest rates from as early as this month. Analysts at other banks have expressed similar views, with BofA analysts stating that the bond rally in Ukraine has further room to run. The UAH has been kept at around 37 to the USD since July 2022.