Ukraine cbank council says hryvnia rate still at 5.05/$

18:28, 22 May 2008
Ukraine
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Petro Poroshenko, the council`s head, told a news conference

Ukraine`s central bank council rejected on Thursday a revaluation of the hryvnia ordered by the bank`s board and said the official rate still stood at 5.05 to the dollar as before, according to Reuters.

"Today, the action of the board of raising the official rate to 4.85 was rescinded. Therefore, the official rate stands at 5.05/$," Petro Poroshenko, the council`s head, told a news conference after a council meeting.

He said the bank`s board should re-examine the issue on Friday and could only overturn its decision by a two-thirds vote. The board is the bank`s executive, while the council was created to formulate a framework for monetary policy.

Reuters

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