12:36 03.03.2015

Currency income 45% down in two months, says NBU

2 min read
Currency income 45% down in two months, says NBU

The sending of currency income to Ukraine in January-February 2015 fell by 45% year-over-year, Governor of the National Bank of Ukraine (NBU) Valeriya Gontareva has said.

"This is bad data. The decline increased by 45% compared to January-February 2014. This is around $5 billion," she said in an interview with Ukrainska Pravda publication.

Gontareva said that fines for the non-return of currency income within the term stipulated by Ukrainian law (90 days) are set at a minimum.

"They should be increased for sure, and this was several times discussed with the Economic Development and Trade Ministry," she said.

The banker said that the absence of a law on transfer pricing promotes the outflow of currency from the country.

She also said that companies are trying to bypass the NBU's ban on withdrawing dividends for companies which are not listed on the stock market.

"Our business structures started registering unclear companies on the stock market and now we'll toughen our actions towards them," she said.

As for restrictive measures, Gontareva said that the NBU will agree everything with the International Monetary Fund (IMF) beforehand.

She also said that since 2015 funds owned by individuals at banks fell by UAH 17.8 billion.

She said that many banks have extra liquidity: UAH 24 billion of extra liquidity is registered with the NBU's deposit certificates.

Commenting on the refinancing of banks, Gontareva said that since the start of the year its volume grew only by UAH 1 billion, to UAH 110 billion: UAH 15 billion was given to issue government securities as of late 2014, today UAH 13 billion, as well as UAH 76 billion and UAH 80.7 billion respectively for stabilization credits.

She also said that each bank that received the stabilization credit, and that banks with Russian capital have curators from the NBU.

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