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Central bank lifts restrictions on FX sales

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Central bank lifts restrictions on FX sales
National Bank of Ukraine in Kyiv (Creative Commons)

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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Lance Luo

Lance Luo (Li P. Luo) is a news editor at the Kyiv Independent. Previously, he worked at Radio Free Europe/Radio Liberty and Hromadske Television in Kyiv. He also spent three years in finance and strategy consulting. Mr. Luo graduated from the University of Southern California and serves as an arbitrator at FINRA.

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