Ratings agency fears steep and uncontrolled depreciation of the currency as central bank limits private transfers abroad of around $5,700 a month
Ukraine‘s economic woes deepened on Friday after Fitch downgraded its credit rating and the central bank imposed new capital controls to bolster the hryvnia. The ratings agency cited the ongong political instability and fears over its debt repayment schedule as it downgraded the country from “B-” to “CCC”. Fitch added that “political uncertainty has contributed to a weakening in confidence in the Ukrainian hryvnia and in the exchange rate policy”.
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