Ukraine central bank makes changes to foreign currency market to protect reserves

Article content

Ukraine’s central bank said on Friday it was making a number of changes to the foreign currency market to make it more stable and reduce pressure on the country’s international reserves.

We apologize, but this video has failed to load.

Try refreshing your browser, or
tap here to see other videos from our team.

Ukraine central bank makes changes to foreign currency market to protect reserves Back to video

From May 4, the limits of banks’ open long and short currency positions will be cut to 5% of their regulatory capital, down from 15%. The changes were announced in a statement posted on the bank’s website.

In addition, banks are temporarily prohibited from concluding a number of money market derivative contracts, except for swaps, and from April 30, banks will suspend the practice of issuing new savings certificates denominated in foreign currencies. (Reporting by David Ljunggren Editing by Chris Reese)