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Ukraine lawmakers give cbank power to order forex conversions
November 6, 2012 / 3:25 PM / 5 years ago

Ukraine lawmakers give cbank power to order forex conversions

KIEV, Nov 6 (Reuters) - Ukraine’s parliament voted on Tuesday to give the central bank legal powers to force exporters to convert at least part of their foreign currency earnings into hryvnias.

Such measures have been used by other emerging market central banks to defend their currencies in crisis situations since 2005.

The central bank has used market interventions to keep the hryvnia trading at around 8 per dollar.

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