KIEV, Oct. 25 – The hryvnia exchange rate could devaluate by 10% in 2013, according to projections of Raiffeisen Bank Aval presented in its quarterly report.

"Our forecast for the hryvnia exchange rate to the U.S. dollar remains unchanged. The hryvnia has lost 2% against the dollar since early 2012, and we expect that it will lose 10% in 2013 [maybe starting from Q4, 2012]," reads the report.

Raiffeisen Bank Aval said that with the support of the International Monetary Fund the fixed mode of the exchange rate could be gradually changed to a more flexible one and the hryvnia will not devaluate sharply.