Dollar value of all Ukrainian Money

There are different ways of measuring a country’s monetary supply. They’re called, M1, M2, M3, etc. M1 is the most conservative.

M1 = 337,461,000,000 UAH Million as of March of 2013

That equals $41,559,236,453. About $41.5 billion.

13 Comments

  1. Ed K

    Since you are now a legal resident, are you allowed to
    run for President? I guess you would need to brush up
    on Russian. Just watch what you eat…

    Your post about value of money in Ukraine brings to
    mind Victor Yushchenko. Have you read his doctoral thesis,
    “The Development of Supply and Demand of Money in Ukraine”?

    With your interest in money, might be worth a copy? Is there
    an English translation?

    Have you interviewed him?

    ‘Every accomplishment starts with the decision to try.’

    Reply
    1. Roman

      Ed, my mother used to volunteer at that museum. Of course I know it. It’s no secret that the diaspora is very nationalistic, especially those who emigrated in the 40s and 50s and their descendents.

      But the headline is 2005. I think a lot of their hope in the political process has since been quashes, and I, for one, am happy to see that.

      Reply
      1. Ed K

        Roman,

        I was illustrating keys to Yushchenko that I
        already knew connected.

        In my humble opinion Yushchenko was incompetent as
        President of Ukraine from a leadership view. However,
        both you and he seem to be interested in the topic of
        money in Ukraine.

        He has dacha in Carpathians, bit spends time elsewhere.
        His son is as naive as Yanukovych’s sons. However, you
        aspire to write. Envision an article about his thesis,
        Ukrainian banking, and Austrian economics, with Bitcoin
        thrown in too boot.

        “Audacity” Follow the fire…

        I do not know names, but know that he has friends in
        Ternopil. And at same time involve is wife. She is
        fluent in English and economics.

        Over here, in English language search, I cannot even
        find her name anymore on internet searching. But some
        years ago she gave speech at a Texas university that
        offered insight.

        Reply
      2. Ed K

        It was said, “It’s no secret that the diaspora is very
        nationalistic, especially those who emigrated in the
        40s and 50s and their descendants.”

        I would distinguish between pride in heritage and
        nationalistic. An émigré can be proud of his heritage
        in another country without being nationalistic of that
        country.

        I would also point out that when émigrés choose USA,
        they choose new language and alphabet. That alone
        separated them from their ancestral home.

        Those that emigrated before WWII became assimilated
        to their neighborhoods and areas of residency.

        While some kept their eastern European surnames as is,
        most modified them to English and ease of pronunciation.
        Thus many surnames have lost their eastern European
        identity. Many were simply shortened. Others were
        completely changed.

        I would conclude only a few of Ukrainian ancestry
        share any Ukrainian nationalism. Rather, most are
        happy to have ancestors smart enough to escape…

        Reply
  2. elmer

    Roman, I understand the conservative approach.

    In Zookraine, however, a very, very large percentage of the economy is “underground.”

    That includes all of the theft and pilfering by those in power, in government, and those affiliated with the mafiosi government.

    In fact, the mafiosi are very frustrated by their inability to collect taxes to line their own pockets even more due to the underground economy.

    Do any of the measures take this into account?

    It seems to me that in a cesspit like Zookraine, this would be a very important factor.

    Reply
    1. Roman

      Elmer, crime and corruption is important, but tangential to the monetary supply — unless you’re talking about the fraud inherent in fiat money.

      Reply
  3. elmer

    Does the most conservative measure of money supply also take into account the underground economy, which in Zookraine’s case, is significant?

    One example – People in Zookraine have to keep their money hidden, having gone through the experience of sovok-era/post-sovok era banks making their money suddenly disappear for various reasons, including corruption by various oligarchs in Zookraine who “owned” the banks. So many people keep their money hidden under mattresses.

    Reply
      1. Ed K

        I would add too both post that the underground markets
        are not all in hryvnia. When I was there U. S. dollars
        were accepted. This was especially liked for large transactions.

        This was illustrated in the Saturday pirates’ market in
        Ternopil. My wife wanted a bolt of material for draperies.
        We haggled on price and then I had my translater offered
        $$$ I had in my hand. Transaction completed immediately.

        With the pending devaluation in the dollar, maybe bit coins
        will ascend. Gold is too heavy.

        With your interest and demonstrated abilities, that includes
        Bitcoins, Austrian Economics, writing, you are potentially
        someone who can write an interesting and factually accurate
        article.

        There are millions who have good ideas, but the one who
        puts one good idea to work is worth millions.

        Furthermore, submit your scribings to the Wall Street Journal.
        You have heard of letters to editor?

        Reply
  4. elmer

    Thanks, Roman.

    It looks like the measures take into account specific items, and the most conservative measure is simply that – currency in circulation.

    It looks like the National Bank of Ukraine is going to limit the size of cash transactions, in part based on the fact that only 11% of Zookraine’s transactions are not in cash –

    http://odessablog.wordpress.com/2013/06/08/limits-on-cash-transactions-from-1st-september-2013/

    The government mafia wants its cut.

    Also, I wonder about your take on this (quoting from the other blog) –

    Whilst this will undoubtedly be promoted as a way to move some of the economy from the black/grey into the light – and it will have some benefits in this direction – one can also speculate that this has much more to do with reducing the need to continually buy US Dollars, Euro etc to facilitate people withdrawing large sums to buy cars, apartments and homes etc., when all the time the foreign currency reserves held by Ukraine are on a continual downward trend.

    Quite simply there is less need to buy the paper currency from the markets when larger transactions will now have to be accomplished by transferring numbers electronically internally for domestic transactions. Over the course of a year, one has to suspect going to the markets and buying $ billions in physically held cash to facilitate domestic transactions is a fairly costly exercise.

    Reply
    1. Ed K

      Elmer,

      Great reference. Do you have any such websites?

      Do you have any incites how they will enforce cash limits?

      Or how Ukrainians will get around new law?

      Reply
  5. Roman

    The limits on cash transactions are all bad and only bad. Government wants more control. I hope Ukrainians turn to Bitcoin. They would benefit greatly.

    Reply

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