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The slow recovery of the commodities markets and the gradual improvement of the investment and business climate in Ukraine have permitted the National Bank of Ukraine, Ukraine's central bank, to launch long-overdue steps to ease strict controls on the cross-border movement of capital and other foreign exchange restrictions. The National Bank of Ukraine sees these steps as just the start of a full overhaul of the outdated foreign currency control rules. If the foreign currency reserves of the National Bank of Ukraine are maintained at a level perceived as safe (above USD18 billion, which is yet to be achieved from the current USD13 billion but possibly will be when the IMF resumes funding), most of the capital controls and foreign exchange restrictions are likely be liberalized.

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