There are no economic grounds for a substantial devaluation of the hryvnia, and pressure on it in the cash market was triggered by political instability in the country, Acting Ukrainian Prime Minister Serhiy Arbuzov has said.

"Political instability is pressurizing the cash currency market. There is tension, despite the absence of economic reasons for it," he said, while opening a government meeting in Kyiv on Wednesday.

Arbuzov said that the National Bank of Ukraine had earlier announced the balance of payments for 2013, with a surplus $2.02 billion, whereas in 2012 there was a deficit $4.18 billion.

"As you can see, there are no fundamental economic reasons for concern. I again call on all sides to seek a more rapid solution to the conflict," he said.

As reported, after several years of stability the hryvnia exchange rate on the interbank and cash market has shrunk by about 7% since the beginning of this year despite attempts by the National Bank of Ukraine to intervene in the market and keep it from such a significant decline.