Generally speaking, Ukrainians are pretty well insulated against currency collapse by the fact that most have relatives who grow their own food. They’ve also experienced them before — in 1991 and 1994 (See my pics of their destroyed money).

As of now, a collapse is by no means inevitable. Things may stabilize and drive the exchange rate back down to the 8:1 which Ukraine’s central bank has tried to maintain.

However, now may be a good time for my Ukrainian friends to take precautions.

Why? Although the hryvnia’s value against the dollar has slipped 25%, and the cost of fuel has increased by about 10%, prices in the markets remain stable . . . for now.

It is likely for retail prices to chase the price of fuel and the exchange rate.

Here are some practical steps to protect oneself and one’s family:

– Keep 1 to 2 week’s worth of drinking water and food at home, especially dried and frozen foods, as well as cooking oil.

– Buy batteries, candles and if appropriate, fuel.

– If you were planning to make purchases in the near and medium term, make them now.

– Realize that a currency collapse is not the end of commerce, but an interruption of it. The complex networks of trade needs time to figure out a new medium of exchange.

– In the past cigarettes have been used as a temporary medium of exchange. So have foreign currencies.

– As a long-term strategy, learn about gold, silver and bitcoin.