World Economy

Capital Curbs in Ukraine

Capital Curbs in UkraineCapital Curbs in Ukraine

Ukraine’s central bank tightened capital controls and announced more curbs may be on the way to stop the hryvnia’s meltdown, fueling a rebound in the world’s worst-performing currency this month. The hryvnia gained 24%, trimming its drop in February to 41%, still the biggest monthly decline on record, according to data compiled by Bloomberg. National Bank of Ukraine Governor Valeriya Gontareva announced restrictions on dividend payments and stepped up the scrutiny of imports after the currency’s plunge caused residents to withdraw deposits and undermined the country’s financial stability. Policy makers are struggling to stabilize the hryvnia as Ukraine awaits the International Monetary Fund’s approval for a $17.5b emergency loan.