Ukraine Currency Extends World’s Worst Drop on Peg Policy Shift
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The hryvnia slid past 10 per dollar for the first time as Ukraine’s central bank ended support for the currency to shore up reserves amid political turmoil.
Ukraine’s currency lost as much as 7.4 percent to 10.50 per dollar, before trading at 10.15 as of 6 p.m. in Kiev, data compiled by Bloomberg show. The central bank has adopted a flexible exchange rate, CNBC reported, citing Sergiy Kruglik, director of international affairs, who didn’t specify when policy shifted. The hryvnia slumped 19 percent in 2014, the world’s worst performer, surpassing drops of peers in Argentina and Kazakhstan, where central banks also allowed devaluations.