14:38 29.08.2014

NBU toughening monitoring of obligatory sale of foreign currency

2 min read

The National Bank of Ukraine (NBU) plans to achieve greater efficiency of its recent decision to support the hryvnia via an increase in the requirement for the obligatory sale of foreign currency income from 50% to 100% from August 21, 2014 and amended it with the purpose of toughening monitoring and supervision.

A representative of one of the bank told Interfax-Ukraine that new NBU resolution No. 534 of August 28, 2014, specifies that the foreign currency be sold the next day after it is sent to the distribution account.

The source said that banks are banned from lifting controls over export transactions of clients on the basis of documents on the termination of liabilities with the registration of counter similar requirements, and thus foreign currency income on export transactions of clients are to be sold in full under the established procedure.

In addition, banks at the end of working days will submit the expanded report on the volume of obligatory sales of foreign currency the next working day, the banker said.

The NBU also reminded the banks that they are not allowed to issue credits in foreign currency to use the currency on the domestic market and only to fulfill foreign economic liabilities.

He said that it is expected that the resolution will be published on August 19 and will take effect on that day.

AD
AD
AD
AD
AD