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Ukraine imposes temporary ban on private banks in foreign exchange trade

Xinhua, February 26, 2015 Adjust font size:

The National Bank of Ukraine, the central bank, on Wednesday announced to impose a temporary decision under which private banks and financial institutions are banned from purchasing foreign currencies for their clients.

The new degree took effect immediately after its announcement and will remain in force until Saturday, said a document posted on the central bank's website.

According to the document, with the new decree in place, the private banks will still be able to purchase hard currencies for their own needs.

The decision to partially freeze hard currency trading was taken "in order to preserve the stability of the currency market and limit unreasonably overestimated demand for foreign currency," according to the document.

Shortly after the central bank's announcement, Ukrainian Prime Minister Arseny Yatsenyuk criticized the move, saying the decision to impose a ban "will not add to stability of the national currency."

Ukraine's national currency, the hryvnya, fell to an all-time low against the U.S. dollar on the interbank currency market on Tuesday evening, when its exchange rate was pegged at 33.8 hryvnya against the dollar. Endite