Ukraine plans to replace its currency's peg to the dollar with a more flexible exchange rate system that includes the euro
Published:
18 March 2005 y., Friday
Ukraine plans to replace its currency's peg to the dollar with a more flexible exchange rate system that includes the euro, a reflection of the former Soviet state's growing trade with Western Europe, according to the economy minister, Serhiy Teryokhin.
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The move will raise the share of Europe's common currency in Ukraine's $9.5 billion of foreign exchange reserves to about 25 percent and may involve a "managed float," in which the hryvnia will trade more freely after being linked to the dollar since 1998, Teryokhin said.
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