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Despite its adoption of a nominal-anchor exchange-rate policy during the period 1999-2005, Ukrainian financial markets were subject to substantial premia in interest rates on interbank markets relative to what is observed in Euro credit markets. In this paper I demonstrate that there were three independent premia, and that these sources had different causes. Estimation using weekly data over the period 1999-2005 illustrates that the government's "nominal anchor" policy vis à vis the US dollardoi:10.2139/ssrn.1492804 fatcat:ai5i2zbbnfdqdis62khq36epna