But, as usual, they are employing heavy-handed tactics rather than a sensible strategy.

New rules force exporters to convert half their hard currency earnings into hryvnias. Starting next week, conversion to hryvnias is also mandatory for wire transfers from abroad of more than Hr 150,000 ($18,000).

On Nov. 16, a pro-presidential Party of Regions member of parliament filed a law that intends to introduce a 15 percent tax on any cash conversions of foreign currency into hryvnias. It has since been shelved, but statements from the National Bank of Ukraine suggest it is only a question of time before this happens.

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