13:00 26.05.2016

NBU by one day cuts waiting term for currency purchases on interbank market

2 min read
NBU by one day cuts waiting term for currency purchases on interbank market

The National Bank of Ukraine (NBU) as part of the gradual relaxation of temporary anti-crisis measures imposed in 2014-2015 has reduced the term of depositing hryvnias to buy foreign currency by banks under requests of clients by one day.

"To date banks had a possibility of buying foreign currency for clients no earlier than the third operating day (T+2 regime). Now currency can be bought starting next operating day (T+1 regime) after preliminary depositing hryvnias," the NBU said in a report on its website.

NBU resolution No. 322 with amendments to resolution No. 130 of March 3, 2016 was passed on May 25.

The amendments will take effect on June 1, 2016.

The regulator said that the transactions would still require the NBU confirmation to prevent inefficient capital outflow.

"If now the terms for verifying contracts and the terms of preliminary depositing coincide, they would differ," the central bank said.

Clients would have two options: first is to send funds in hryvnias to a separate account a day before the verification by the NBU and buy currency on the day when it is verified, and second is to send funds to a separate account a day before the date of currency purchase after receiving the verification documents from the NBU. The verification expires in 30 days.

Authorized banks are to provide information on entire volume of hryvnias deposited for purchase of foreign currency to the NBU.

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