MOSCOW, June 26 - Ukraine's policy of pegging its national currency (the hyrvnia) to the U.S. dollar is inefficient in current conditions and should be substituted for a peg to a multi-currency basket, said Petro Poroshenko, Ukrainian Economic Development and Trade Minister and member and former head of the National Bank of Ukraine's board.

"The hyrvnia needs to be pegged to a multi-currency basket," he said on the Svoboda Slova program on the TV channel ICTV.

Besides the dollar, such a basket could contain the euro, the Russian ruble, the Polish zloty and the British pound, he said.