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  • By The Financial District

Damage To Ukraine Agriculture Inflicted By Russia Now At $6-B

Viktoriia Mykhalchuk, representative of the UN’s Food and Agriculture Organization (FAO), said on July 29 that the damage caused to Ukrainian agriculture as a result of Russia's war varies from $4 billion to $6 billion, including the damage to “infrastructure such as irrigation equipment, storage, shipping, and processing infrastructure, greenhouses, field crops, farm animals.”

Photo Insert: Factored in was the damage to infrastructure such as irrigation equipment, storage, shipping, and processing infrastructure, greenhouses, field crops, farm animals.

The National Bank of Ukraine (NBU) says deep economic recession has caused the unemployment rate to skyrocket to around 35% in the second quarter of 2022. Unemployment is expected to decline but will remain above its natural level due to the long-term effects of Russia’s war, the NBU told Kyiv Independent on July 30, 2022.

NBU also said currency exchange rates will be hidden from the public as the Ukrainian currency hryvnia plunges.

The bank tightened the requirements for currency exchange offices in Ukraine, forbidding them from having currency exchange boards placed outside the premises.

After NBU devalued the hryvnia against the dollar by 25%, setting the official exchange rate to Hr 36.57 per dollar, Ukraine's national currency dropped to Hr 41 per dollar in exchange offices. Inflation in Ukraine is expected to surge past 30% this year.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

NBU said the country's GDP is expected to decrease by a third this year amid a full-scale Russian invasion “Inflation will accelerate by the end of the current year but will start to decline in the first quarter of 2023,” the NBU said.

Ukraine’s parliament has imposed a moratorium on tariff increases for gas, water, heating during martial law. Lawmaker Yaroslav Zhelezniak of the Voice Party said that on July 29, lawmakers banned any increase of tariffs on heat, distribution of natural gas and hot water supply.

Zhelezniak said the ban will be in effect during martial law and six months after it is lifted.

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