Central bank restricts official hryvnia’s value

17:44, 07 May 2009
Ukraine
1007 0

On demand of the IMF

The Central Bank of Ukraine has established that the official hryvnia’s value may differ by no more than 2% from the average hryvnias value at the interbank market.

According to c.bank’s resolution (#264 dated April 30, 2009), posted at its official web site, the spread between the official hryvnia/dollar exchange rate and the interbank rate is restricted to no more than 2%.

According to the resolution, the restriction is a part of the financial policy memorandum, which was approved in line with Ukraine`s stand-by arrangement with the IMF.

The official exchange rate between the Ukraine’s hryvnia and the U.S. dollar will now be set based on the weighted-average buy and sell rate on the interbank currency exchange, plus or minus 2%. The c.bank previously set the official rate based on the interbank rate, but it had not established limit on the spread between them.

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