Ukraine's suffering currency drops 9 percent, national bank imposes capital controls

Associated Press

Ukraine's economy, which has been badly hit by more than a year of crisis, has suffered another blow with a sharp drop in the national currency, the hryvnia.

On Monday, the hryvnia was trading about 9 percent below its level last week. In all, the currency has lost about 70 percent in the past year.

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Ukraine's national bank on Monday announced that payments in foreign currencies would be capped at $500,000 without letters of credit from foreign banks, a move to stem capital outflows that would weaken the currency further.