Ukraine Controls Halt Hryvnia Slide as Crisis Roils Economy

Ukraine’s central bank reversed the hryvnia’s slide with capital controls, giving authorities a reprieve as they struggle with a deepening economic crisis as a political stalemate stretching into its third month.

Limits on foreign-currency transactions boosted the hryvnia the most in more than four years yesterday. The Natsionalnyi Bank Ukrainy in Kiev said the measures will be temporary. Fitch Ratings downgraded the country’s foreign-currency debt to below Greece, citing a worsening financing outlook, while Ukraine’s reserves dropped to the lowest level since May 2006.