KIEV: The head of Ukraine's central bank said on Monday the bank would tighten currency controls on importers in a move to defend the struggling national hyrvnia currency.
The bank said it would control all prepayment for importers' contracts over $50,000 and any importer with a contract over $500,000 would need to have a letter of credit with a top-rated foreign bank.
"We analysed the situation on the foreign exchange market and believe now is the time to introduce administrative curbs," bank chief Valeriia Gontareva said in a briefing.
Banks will also be prohibited to lend hryvnia to companies for the purpose of purchasing foreign currency, she said.
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