Cabinet of Ministers ties gas price for industrials to UAH/USD rate

The Cabinet of Ministers passed a decree that links the gas price for industrials and budget enterprises to the interbank UAH/USD exchange rate, according to Interfax. The ruling is dated October 30, and went into effect as of November 15, 2008. The formula assumes next month’s price will be set as the prior month’s price, adjusted by the ratio of the average interbank USD rate over the prior month to the official NBU rate on November 1 (UAH/USD 5.76). According to the media, the adjustment will be applied if the above ratio falls below 0.95.