14:22 27.02.2015

NBU ready to revoke forex restrictions when market stabilizes

2 min read
NBU ready to revoke forex restrictions when market stabilizes

The National Bank of Ukraine (NBU) is ready to lift some forex restrictions but only when the market stabilizes, NBU Governor Valeriya Gontareva has said.

"We're working not on the cancelation [of the restrictions], but on new restrictions. We've been discussing for a long time what restrictions in the banking sector we are to lift. With the situation we see now on the currency market, I think that the interest of all sides is to stabilize it. As soon as the situation stabilizes and we see that the market returns to its fundamental indicators, our dream is to revoke all these [restrictions]," she said at a conference organized by the American Chamber of Commerce in Ukraine, held in Kyiv on Friday.

Gontareva said that the central bank plans to revoke its decree on currency regulation, half of its licenses and permits for opening accounts.

"The only thing that business should prepare for is that we will permanently cut the limit of cash payments. If now it is UAH 150,000, we'll permanently reduce it. We're moving towards the European Union [system] where the sum of cash payments is around EUR 3,000," she said.

When asked about what the justifiable hryvnia exchange rate is now set at, she said it was UAH 20/$1.

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