March 12, 2015 / 2:41 PM / 2 years ago

Ukraine central bank to tighten capital controls if needed

KIEV (Reuters) - Ukraine's central bank is prepared to tighten capital controls if the foreign exchange market deteriorates, according to the text of a letter of intent from Kiev to the International Monetary Fund released on Thursday.

"We are ready to tighten administrative measures temporarily to the extent necessary, should downside risk materialise and financial stability and FX market conditions deteriorate," the letter said.

It said the bank would prepare by May 15 a plan to remove existing controls, including foreign exchange restrictions, provided the market stabilises.

Reporting by Alessandra Prentice; Editing by Janet Lawrence

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