Currency converter
^
News Feed
News Search Topics
ОК
Use filter
You can filter your feed,
by choosing only interesting
sections.
Loading

Ukraine to add $340 million to National Bank reserves to prop up hryvnia

August 28, 2014, 13:14 UTC+3 KIEV
The Ukrainian hryvnia has been depreciating rapidly lately amid a further contraction in the county’s GDP and the continued armed standoff in eastern Ukraine
1 pages in this article
Ukrainian hryvnias

Ukrainian hryvnias

© ITAR-TASS/Valery Matytsin

KIEV, August 28. /ITAR-TASS/. The Ukrainian government has instructed the Finance Ministry to sell $340 million to Ukraine’s central bank to replenish its foreign exchange reserves and prop up the rapidly depreciating national currency, Prime Minister Arseniy Yatsenyuk said on Thursday.

“This measure will increase the reserves of the National Bank of Ukraine and help stabilize the exchange rate,” the Ukrainian premier said.

The Ukrainian hryvnia has been depreciating rapidly lately amid a further contraction in the county’s GDP and the continued armed standoff between east Ukraine self-defense militias and the pro-Kiev troops in the Donetsk and Luhansk regions.

The National Bank of Ukraine lowered the hryvnia official exchange rate by 1.68% against the US dollar on August 27 to a new record low of 13.89 hryvnias per US dollar.

Yatsenyuk earlier said the Ukrainian economy would not be able to function normally at an exchange rate of over 12 hryvnias per US dollar. The Ukrainian currency is currently trading at a rate of 16 hryvnias per US dollar on the black market.

Kiev is pinning hope on a new loan tranche from the International Monetary Fund to stabilize the country’s foreign exchange market. The IMF is expected to consider the loan disbursement on Friday.

Show more
In other media
Реклама
Реклама