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It has also caused them to accumulate enormous foreign exchange reserves through currency market intervention.
The central bank intervened to prop up the hryvnia through currency controls.
The trouble with that precedent, however, is that it worked in Latin America in part through currency devaluations.
The majority owner of Tottenham Hotspur is a global investor who made his fortune through currency trading.
Even if they do not resort to outright default, they can always achieve partial default through currency depreciation.Indeed, the law of volatility can be invoked again.
The authorities responded by rapidly increasing the money supply in early 2009 through currency market interventions and the authorization of heavy lending by state-owned banks.
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In the past, that gap might have been closed through a currency devaluation.
The Hong Kong dollar is also tied to the greenback through a currency board.
GERTRUDE MANGA-AZIZA can tell the history of Congo's politics through its currency.
But the trade cannot, and should not, be conducted through the currency of money.
In the 1950s a French economist, Jacques Rueff, wrote that "Europe shall be made through the currency, or it shall not be made".
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