KIEV, Nov. 13 – The International Monetary Fund still recommends that Ukraine switch to a floating exchange rate for the hryvnia so that the country's economy can withstand external shocks, IMF Resident Representative in Ukraine Max Alier said at the 7th annual Ukrainian Banking Forum organized by Adam Smith Institute in Kiev on Tuesday.

"Since 2006-2007, we have been putting these recommendations into our reports. We believe that the Ukrainian economy, which is deeply integrated into the global economy and dependent on exports of exchange commodities, is exposed to volatility in the market... We believe that for an economy like this it would be much better to have a floating exchange rate," Alier said.

He noted that in a number of countries a floating exchange rate cushioned shocks on the global financial markets.