Ukraine to drop peg to dollar

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. . 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. .