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Russian Central Bank to buy Ukrainian hryvnia as non-reserve currency

May 19, 2014, 18:52 UTC+3 MOSCOW
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MOSCOW, May 19. /ITAR-TASS/. Russia’s Central Bank will buy the Ukrainian hryvnia as a non-reserve currency, the regulator said in a statement on Monday.

“The Central Bank may eventually sell it either to banks or on the foreign exchange market. It may be purchased by companies engaged in trade with Ukraine,” the statement said.

State Duma Financial Market Committee head Natalia Burykina said earlier on Monday that the Russian Central Bank’s powers should be expanded to allow the regulator to buy the Ukrainian currency from banks.

“The Central Bank supports this proposal,” Central Bank First Deputy Governor Ksenia Yudaeva said in response.

In any case, the monetary base in Crimea that has become a part of Russia has to be replaced with rubles, Yudaeva said. “We’ll then surely try to sell it (the hryvnia) for settlement operations with Ukraine," she added.

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