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Ukraine's currency, the hryvnia, is expected to hold up in the coming months, the country's deputy central bank governor said on Tuesday, though he remained cautious about hopes of a quick removal of its foreign exchange curbs. "The Autumn is always the period of pressure (for the currency) but we really believe we will come through this," Vladyslav Rashkovan told Reuters on the sidelines of an event at the European Bank for Reconstruction and Development.
"We don't see any reason for devaluation (of the currency) at present, the current account is slightly, slightly negative but in fact it is basically balanced." Political circumstances have complicated economic policy in Ukraine. Kiev has been battling a pro-Russian insurgency in its eastern territories for over a year; but government and rebel forces have been broadly respecting a ceasefire since September 1.
Rashkovan said the removal of more of the foreign exchange controls that were put in place last year was not "time bound" although the topic would be discussed during the International Monetary Fund's visit to the country next week. "It is not a question of whether we will do something (remove some curbs) in September, October or November, but more action bound," Rashkovan said, referring to issues like the completion of its debt restructuring and evidence that the recent return of some bank deposits was likely to last.
In its moves last year, the central bank placed limits on the amount of foreign currency that banks may sell to a single individual per day and on the amount that can be withdrawn from foreign currency deposits. It also compelled Ukrainian companies to raise the amount of revenues they converted into hyrvnias to 75 percent from 50 percent and prohibited foreign investors from taking profits out of the country, early repayment of loans to foreign lenders, and lending in local currency to buy foreign currency.

Copyright Reuters, 2015

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