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Signing a contract in dollars

 
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redsoxfan



Joined: 18 Oct 2005
Posts: 178
Location: Dystopia

PostPosted: Sun Jun 22, 2008 8:02 pm    Post subject: Signing a contract in dollars Reply with quote

Is it better to sign a contract in dollars or hryvnia? It seems from my brief bit of research that the hryvnia is pegged to the dollar in some way. Does this mean that it doesn't matter which currency I'm paid in? My first thought obviously is that signing a contract in dollars is absurd given that I know my salary would decrease monthly.
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Kootvela



Joined: 22 Oct 2007
Posts: 513
Location: Lithuania

PostPosted: Mon Jun 23, 2008 7:22 am    Post subject: Reply with quote

I don't think it is legal to sign a contract in dollars, which is not the official currency of the country. It would/might be okay if they were a foreign company paying you from abroad. You need to check the legal requirements for that.

Also, it's better to sign for the local currency because if suddenly the rate of dollar falls, you will be still paid in dollar but your bread will be triple expensive. Or something like that.
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ecocks



Joined: 06 Nov 2007
Posts: 855
Location: Gdansk, Poland

PostPosted: Tue Jun 24, 2008 4:11 am    Post subject: Do it in hryvnia Reply with quote

Definitely do it in hryvnia.

And make them pay you in hryvnia also, don't accept dollars. It's simply too volatile in the last month or so.

The hryvnia WAS pegged at 5.05 but was adjusted to 4.85 a month or so ago and now hovers arounf 4.60 - 4.75.
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ecocks



Joined: 06 Nov 2007
Posts: 855
Location: Gdansk, Poland

PostPosted: Tue Jul 29, 2008 1:08 pm    Post subject: Reply with quote

Update:

Dollar is down a bit here at 4.5 - 4.6. Increasingly, don't take dollars and if you already are, make them calculate at the old 5.05 rate at the very least. Better is to be sure you are above the UAH 7500 rate which gives you a fighting chance at having some social life and a decent apartment, albeit a bit far out from center.
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redsoxfan



Joined: 18 Oct 2005
Posts: 178
Location: Dystopia

PostPosted: Thu Jul 31, 2008 5:54 pm    Post subject: Reply with quote

Thanks, I will be paid based on the 5.05 rate--didn't even have to argue for that one.
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Cardinal Synn



Joined: 01 Nov 2004
Posts: 572

PostPosted: Sat Aug 02, 2008 7:17 pm    Post subject: Reply with quote

I think half and half is a good way to be paid - if you can save the dollar half, that is. The rate is already going back up and will likely be back around 5 before too long.
The Hrivana is artificially high just now and is not able to sustain this rate for long ( I am reliably informed).
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ecocks



Joined: 06 Nov 2007
Posts: 855
Location: Gdansk, Poland

PostPosted: Tue Aug 05, 2008 12:35 pm    Post subject: Reply with quote

redsoxfan wrote:
Thanks, I will be paid based on the 5.05 rate--didn't even have to argue for that one.


As it should have been. Inflation rate of increase has eased a bit over the summer but we are probably in for a new round sometime this fall. We'll have that cup of coffee and chat over the ins and outs of this market when you get to town.
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BIGGESTOFA



Joined: 11 Oct 2008
Posts: 8

PostPosted: Mon Nov 17, 2008 4:20 pm    Post subject: Reply with quote

This is wierd I signed dollar contract and came out ahead?

The pay is based on dollars but deposited in local.
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Cardinal Synn



Joined: 01 Nov 2004
Posts: 572

PostPosted: Mon Nov 17, 2008 11:24 pm    Post subject: Reply with quote

The dollar's now around 5.8 Hrs so it's not surprising you're ahead. Definitely a good move signing an agreement to be paid in dollars. However, the way things are going, who knows what will happen? If the grivna dives again once the IMF loan honeymoon fades, it could spell big trouble for some schools. If they're paid in local by clients and pay their teachers in dollars, it'll get bad. We will see.
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charlesinukraine



Joined: 09 Apr 2010
Posts: 18

PostPosted: Sun May 09, 2010 7:46 pm    Post subject: Reply with quote

the uah has been sitting at about 8uah to the $ for the past year. There is constant talk about another adjustment to 10uah to the usd. The International Monetary Fund wants this devaluation but the Ukrainian Government has been holding back.

The point is that when paid in uah a person may need to exchange for dollars (or another currency) if bills such as student loans have to be paid. Anyone needing to pay bills in another currency needs to consider issues of stability.

As noted above it is illegal for contracts to be based in dollars and to be paid in dollars, as well.
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Cardinal Synn



Joined: 01 Nov 2004
Posts: 572

PostPosted: Thu May 13, 2010 11:21 am    Post subject: Reply with quote

"Illegal" tends not to mean a lot over here
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SarahLundt



Joined: 15 May 2010
Posts: 10

PostPosted: Mon May 17, 2010 9:35 pm    Post subject: Reply with quote

But what happens if the dollar goes down?

Smile
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