KIEV, May 26 – The National Bank of Ukraine may soon establish a new currency trading band within which the hryvnia will be allowed to fluctuate against the U.S. dollar this year, a senior official said Monday.

Petro Poroshenko, the head of the NBU’s Council, which sets long-term policy, said the band will replace the previous band of 4.95 to 5.25 to the dollar that had been in effect until recently.

The Council had a meeting on Monday after the NBU’s Board, which handle’s day-to-day operations, had confirmed its decision allowing the hryvnia to appreciate breaching the previous currency band.