"National experience shows the extreme sensitivity of the cash segment of the foreign exchange market to national political events. In particular, net demand for foreign cash usually dramatically increases during the election campaigns.

Thus, it reached 1.2 - 1.3 billion dollars in October-November 2004 during the presidential election, being 9-10 times higher than the September rates. However, in early 2005, it was down to normal levels.

For the year, during the election campaign to the Verkhovna Rada of Ukraine, the net demand for foreign cash has again increased - up to 612 million dollars (March 2006), and after fell to almost zero.

Finally, in November 2009 - February 2010, during the presidential election campaign, the net demand for foreign cash fluctuated between 711-976 million dollars, but fell to 62 million in April.
As the above examples show, the foreign exchange market usually stabilizes after the election campaigns within a short period of time. Given the abovementioned, the current expert estimates, including those of individual ratings agencies about the inevitable "exchange rate earthquake" by the end of 2012, seem a gross exaggeration.



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