Ukrainian central bank drops open forex auctions

The National Bank of Ukraine

Ukraine's central bank is abandoning pre-announced foreign exchange (forex) interventions in favour of a closed system involving the country's largest commercial banks, it announced on October 17.

The bank would no longer announce its dollar auctions in advance, said Serhii Ponomarenko, director of the National Bank of Ukraine's open market operations department. Instead, it would ask for quotes for US dollars from the 15 to 20 largest banks in Ukraine, he said, and then "get a deal at the best

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