20 Hryven (Oleksandr Dovzhenko) – Ukraine

In 2014, Ukraine's currency, the hryvnia (UAH), faced a severe crisis triggered by profound political and economic shocks. The Euromaidan revolution, the annexation of Crimea by Russia, and the outbreak of war in the Donbas region shattered investor confidence and crippled key industrial regions. This led to massive capital flight, a collapse in foreign exchange reserves, and a sharp contraction in GDP. The National Bank of Ukraine (NBU) was forced to abandon its managed peg to the U.S. dollar in February 2014, leading to a controlled float that could not prevent a steep devaluation.

The situation deteriorated rapidly throughout the year, with the hryvnia losing nearly 50% of its value against the dollar by December. The NBU implemented strict capital controls, raised its key policy rate to 30%, and intervened heavily in the forex market in a desperate attempt to stabilize the currency. However, these measures were overwhelmed by the twin pressures of a collapsing economy—with exports hit and energy imports still costly—and a loss of monetary sovereignty in conflict-affected areas. Inflation soared into double digits, eroding purchasing power.

By the end of 2014, the currency crisis had become intertwined with a broader economic emergency, pushing the state to the brink of default. The interim government sought urgent international assistance, culminating in a $17 billion standby agreement with the International Monetary Fund (IMF) in April 2014, which was later expanded. This program demanded tough structural reforms and fiscal austerity in exchange for financial support, setting the stage for a painful but necessary stabilization effort in the years to follow.