Central Bank of Ukraine Halts Currency Market, Imposes Restrictions On Cash Withdrawals
Following the declaration of martial law, Ukraine’s central bank temporarily froze the country’s currency market, limited cash withdrawals, and prohibited the issuing of foreign currencies to the general public.
After Russian forces entered Ukraine on Thursday, the National Bank of Ukraine issued more than a half-dozen temporary measures. Cash withdrawals were capped to 100,000 Ukrainian hryvnias per day, or around $3,339.13 USD. The central bank also announced that the official exchange rate would be set on Thursday.
Separately, the PFTS Stock Exchange in Ukraine said Thursday’s trading would be postponed due to emergency circumstances.
Ukrainian assets that were traded on the international market were sold off. According to Tradeweb, the yield on a Ukrainian dollar bond due in September 2027 increased to 32.060 percent on Thursday, up from 16.302 percent the day before. When prices fall, yields climb. Currencies of eastern European countries decreased against the dollar, with the Polish zloty down 1.1 percent and the Czech koruna dropping 1.8 percent . Turkey’s currency fell 2.4 percent against the dollar, despite having strong trade and tourism ties with both Russia and Ukraine.
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