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Hryvna to get pegged to euro in 2007

      RBC, 30.08.2005, Kiev 14:57:08.The Ukrainian economy ministry has refuted the information circulated by some local mass media the hryvna was being deliberately revalued against the dollar. According to the ministry, support of the exchange rate against a foreign currency was not in the scope of the National bank or the cabinet. The Ukrainian constitution stipulates that the main task of the National Bank is to provide for the stability of the Ukrainian currency through balanced price and monetary policy. The hryvna rates against foreign currencies are conditioned by many factors, including the balance of trade and payments, exchange controls, competition among financial institutions or their branch offices and the like.

      The ministry reiterated that when working out the macroeconomic forecast for 2006, it had agreed to the average rate of 5.05 hryvnas per dollar, bearing in mind that from 2007 the hryvna would be pegged to the euro based on the EU rules. The Ukrainian hryvna may become the international reserve currency, the ministry believes.

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