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Ukraine's currency controls a sign of yet more desperation in Kiev over worsening economic situation
Wednesday, February 25, 2015 10:50
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The Ukrainian hryvnia has rocketed over 30 per cent versus the dollar after the central bank banned local banks from buying foreign currency for clients, as it battles to stem a rout in the currency.
The National Bank of Ukraine has already tightened access to foreign currency for importers, but the hryvnia has continued to dive, leading to more drastic action this week.
Local banks are now forbidden from buying foreign currency at all for clients from today until Friday, according a statement on the NBU's website, translated by Bloomberg and Reuters. FX trading has almost frozen as a result, but the hryvnia has jumped over 30 per cent to 24.875 per US dollar today, according to Bloomberg data …. http://www.ft.com
Source: http://luismmx.blogspot.com/2015/02/ukraines-currency-controls-sign-of-yet.html
