Ukraine has extended a rule requiring companies to sell half of their foreign currency earnings on the domestic market by six months.
The central bank made the announcement on Monday, Reuters reports.
Ukrainian law allows the central bank to introduce the mandatory sale rule for a period of six months, after which it must either renew or phase out the rule.
The rule is aimed at supporting the Ukraine hryvnia's peg of approximately eight hryvnias to the dollar. The exchange rate was pegged at approximately five hryvnias to the dollar from April 21, 2005 ,until Oct. 21, 2008, when it was devalued as a result of the global financial crisis, according to Reuters.
Ukraine's biggest export market is the European Union, followed by Russia. More than 60 percent of Ukraine's exports go to other post-Soviet states, with Russia, Belarus and Kazakhstan the most important.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar