Ukraine central bank makes changes to foreign currency market to protect reserves

·1-min read

(Reuters) - Ukraine's central bank said on Friday it was making a number of changes to the foreign currency market to make it more stable and reduce pressure on the country's international reserves.

From May 4, the limits of banks' open long and short currency positions will be cut to 5% of their regulatory capital, down from 15%. The changes were announced in a statement posted on the bank's website.

In addition, banks are temporarily prohibited from concluding a number of money market derivative contracts, except for swaps, and from April 30, banks will suspend the practice of issuing new savings certificates denominated in foreign currencies.

(Reporting by David Ljunggren; Editing by Chris Reese)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting