Kyiv, 17 September 1996 (RFE/RL) - Ukrainian Deputy Prime Minister Viktor Pynzenyk says the country's transition to a new currency, the "hryvnia," went more smoothly than the government had initially expected.
However, Reuters reports that with more than 48 million dollars worth of the interim karbovanets still unaccounted for, the government has announced that banks will continue to exchange those old coupons for the new currency until October 16.
Since midnight last night, the hryvnia has been Ukraine's sole legal tender. Ukrainians had been given two-weeks to exchange their interim karbovanets for the hryvnia. Ukraine also had to exchange its international monetary holdings into the new currency.
Yesterday, International Monetary Fund director Michel Camdessus said that the new currency and the government's continued commitment to economic reform and stabilization have helped reduce inflation and stabilize the exchange rate.