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Business New Europe: Ukraine mulls return to mandatory sale of hard currency

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July 28, 2012, 11:24 a.m. | Business — by Business New Europe

The National Bank of Ukraine is pushing for the reintroduction of regulations forcing exporters to sell the hard currency they earn to the government.
© AFP

In a move that smacks of increasing desperation, the National Bank of Ukraine (NBU) is pushing for the reintroduction of regulations forcing exporters to sell the hard currency they earn to the government. 

Local media reports that the NBU has submitted a draft bill on the issue to the Rada, although it stresses that the move would be a temporary measure, valid for up to six months. The plan is designed to give the central bank a new tool to manage the economy and has been prompted by growing fears that a fresh crisis is around the corner. Other governments are also getting ready. In a similar move, Russia widened its ruble-trading corridor last week to give the currency more room to absorb a crunch. 

Read more here. 

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