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. Last Updated: 07/27/2016

Rumors Jolt Karbovanets

KIEV -- Ukraine's interim currency, the karbovanets, fell sharply to 52,000 from 47,000 against the dollar on Wednesday, following rumors that the former Soviet republic was about to introduce a full-fledged currency. The karbovanets fell even further in the Ukrainian provinces, trading at about 55,000 in the Crimean city of Simferopol and up to 65,000 in the Black Sea port of Odessa. Banking officials said they had been issued with orders to make a complete inventory of their karbovanets reserves by May 30. But they dismissed suggestions that the hryvna was about to be brought into circulation. Central Bank officials denied this was being considered. Plans to introduce the hryvna have been repeatedly postponed. An adviser to President Leonid Kravchuk said money would not be confiscated. Some traders believe the hryvna may be launched to help Kravchuk win the June presidential poll.