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Ukraine Tightens Currency Controls

Although 'aid can't come fast enough,' IMF assistance has yet to materialize.

By Gavin Serkin, Marton Eder, and Agnes Lovasz, Bloomberg | Updated on February 23, 2015

Less than two weeks after the International Monetary Fund (IMF) announced a US$17.5 billion bailout loan for Ukraine, the central bank tightened capital controls to prevent the country from running out of foreign currency.

In spite of what has been pledged, Ukraine hasn’t received a major injection of IMF cash since a $1.4 billion disbursement on Sept. 3, the lender’s website shows. With its foreign reserves dropping 61 percent, to $6.4 billion, in the four months through January, the country’s “cupboard is basically bare,” said Timothy Ash from Standard Bank Group Plc.

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