Hryvnia Drops to Record as Trade Resumes After Policy U-Turn
This article is for subscribers only.
The hryvnia weakened to a record as trading in the Ukrainian currency resumed following a one-day halt, during which the central bank first introduced and then repealed punitive capital controls.
Policy makers in Kiev are struggling to control the hryvnia, which has depreciated 52 percent this month alone, as Ukraine awaits International Monetary Fund approval of a $17.5 billion emergency loan. The central bank kept other curbs on capital flows as the country’s foreign-exchange reserves dwindle amid an insurgency by pro-Russian rebels and an imploding economy.