Experts from U.S.-based investment bank Goldman Sachs have resumed coverage of Ukraine's economy and point to growing risks of a devaluation of the national currency, the hryvnia.

In an analytical report, Goldman Sachs notes, among other things, a considerable worsening of the ratio of import and export prices, which, under the conditions of artificially supported forex rate of the national currency, translates into a deficit of the current account of Ukraine's balance of payments. The experts say that considering a complicated access to external financing, the said deficit is most likely to be bridged at the expense of the reserves of the National Bank of Ukraine.

In addition, the analytical report reads that high short-term interest rates amid the existing uncertainty about a further change in the forex rate of the national currency cause a slowdown of economic activity in the country.

Goldman Sachs experts thus forecast that Ukraine's government will in the end decide to go for a devaluation of the hryvnia and will seek assistance from the International Monetary Fund. However, they found it difficult to forecast how far the national currency will weaken. At the same time, they claim that the 30% weakening of the hryvnia will be optimum devaluation to bridge the gap in the deficit of the current account and to ease pressure on the balance of payments.