The Ukrainian hryvnia is undervalued by 15-35%, according to Director of the National Bank of Ukraine's Open Market Operations Department Oleh Churiy, and Deputy Director of the NBU's General Economic Department Serhiy Nikolaichuk.

"As of today, the degree to which the forex rate of the hryvnia has been underestimated is 15-35%. In other words, we've raced past the equilibrium rate amid the weakening [of the hryvnia]," reads their joint article published by zn.ua, with reference to data based on theoretical valuation models of the equilibrium forex rate.

As was reported, the real exchange rate of the hryvnia against the U.S. dollar on the interbank forex market in 2015 has fallen by 6.4% to UAH 20.20 per U.S. dollar from UAH 19.00 per U.S. dollar.

"The weakening of the hryvnia against the U.S. dollar to UAH 11.50-12.00 February through May last year led to a significant decline in the current account deficit: it decreased to $2.4 billion, or 3.6% of GDP, in the first half of 2014, which was lower than the sustainable level ... a deficit of 4% of GDP. Approximately, this is the level one may expect the current account deficit for the [entire] year," the article reads.

However, they both claim that the situation on the forex market is still far from the balanced: considerable effort by the NBU and other government agencies is needed to achieve balance.

"We hope that the country's leadership is well aware of the need for real reformist steps that will ensure balance both in the budget and energy sectors, as opposed to a combination of social and populist measures and the transfer of the tax burden to small and medium-sized businesses and the middle class. War cannot serve as justification for the absence of reform," the article reads.

The article also highlighted bank refinancing, noting that withdrawal of individuals' bank deposits during the year was estimated at about UAH 120 billion, according to rough data.

According to NBU analysis, a group of 20 banks that received most of short-term refinancing loans to ensure their liquidity in November-December 2014 were net sellers of foreign currency in the market.

Donetsk and Luhansk regions alone will contribute almost four percentage points to the general GDP decline this year because of the hostilities in the country's east, the NBU officials reported, with reference to the central bank's estimates. Additional negative impacts on other regions in Ukraine caused by the breakdown of industrial relations with annexed Crimea and the occupied territories in Donbas are estimated at one percentage point.

What is more, the conflict in Donbas also greatly affected the dynamics of goods exports, as these two regions in 2013 accounted for 25% of total exports.