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When the National Bank of Ukraine moved to the free-floating hryvnia exchange rate on Feb. 5, the hryvnia plunged some 30 percent, stopping at a rate of Hr 25 to the dollar.

In November, NBU head Valeriya Hontareva argued that Ukrainians
shouldn’t be buying dollars for Hr 13 because the rate will improve.
President Petro Poroshenko made a similar promise during his president
campaign in spring of 2014.