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Central bank lifts restrictions on FX sales

by Lance Luo December 2, 2023 12:57 AM 1 min read
National Bank of Ukraine in Kyiv (Creative Commons)
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The National Bank of Ukraine on Dec. 1 lifted all restrictions on financial institutions linked to the sales of foreign currencies to the public, the central bank announced.

"The de facto existence of such restrictions is one of the reasons for the multiplicity of exchange rates. By lifting them, we have reason to expect that this will allow us to keep the difference between cash and non-cash exchange rates at a minimum," said NBU Governor Andriy Pyshnyy.

In October, the central bank announced it was transitioning to a floating rate system.

Kyiv has sought to defend the hryvnia currency in order to shore up confidence in its banking system.

International donors have already disbursed $35 billion in financial support in 2023.

National Bank of Ukraine revises GDP growth forecast for 2023
The National Bank of Ukraine (NBU) expects Ukraine’s GDP to grow by 1% in 2023, Forbes reported on March 29. The NBU originally forecasted a 0.3% growth in 2023.


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