Ukraine head confirms change of the official hryvnia rate to 4.85 per dollar

13:15, 23 May 2008
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Stelmakh rebukes the bank`s council

Ukraine`s central bank chairman Volodymyr Stelmakh said on Friday the bank confirmed its change of the official hryvnia rate to 4.85 per dollar from 5.05.

According to an UNIAN correspondent, V.Stelmakh claimed this to journalists today.

“The bank’s board made decision to confirm the change of the rate. We are confident that we do everything right, and we will defend our position”, V.Stelmakh said.

According to him, the bank`s council had no right to decide on economic or legal issues, after the 15-man council vetoed the board`s revaluation of the hryvnia.

He also said he saw the bank`s change of the official rate as merely eliminating imbalances in the market, and based on economic factors, rather than a "revaluation".

As UNIAN reported earlier, 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 "Today, the action of the board of raising the official rate to 4.85 was rescinded.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.

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