17:22 11.08.2017

NABU positively assesses NBU's plans to restrict bill on currency by regulation of general capital flow rules

The National Association of Banks of Ukraine (NABU) positively assesses the proposal of the National Bank of Ukraine (NBU) to impose only general capital flow rules as part of the bill on currency, and not for each separate transaction.

"All internal transactions are to be described in bylaws, such as NBU resolutions. This approach would allow the regulator to be more flexible in currency regulation and liberalization of the currency market. This is absolutely logical, taking into account the current situation on the dynamic market, being developed in Ukraine," NABU CEO Olena Korobkova told Interfax-Ukraine.

"The outdated and extremely amended currency regulation system in Ukraine makes importers and exporters to close real deals outside Ukraine, which hinders attraction of foreign investment. Facilitation of currency regulation is the priority task of inclusive liberalization," she said.

Commenting on concrete new requirements presented by the NBU in the bill, Korobkova pointed out the refusal to issue personal licenses by the regulator, instead of which permits will be issued specifying the upper amount. In addition, securities will no longer be currency values.

"The latter is important, as now it will be taken into account not in what currency the securities are denominated, but in what currency the calculations connected with them are denominated, which has the economic sense," the director of the NABU said.

Korobkova drew attention to the fact that the bill declares the equality of rights of residents and nonresidents, although in certain cases different regulatory regimes for various participants of currency transactions can be established.

In her opinion, this proposal may have negative consequences due to complications when performing the functions of currency control agents and implementing lawsuits of participants of currency transactions.

According to the current NBU acts, residents and nonresidents have different rights.

Korobkova said that the regulator also needs to apply the same approach to currency control of labor and services.

"Today, there is an unclear definition of labor and services under the current legislation, which leads to an excessive burden on banks in the implementation of foreign exchange control, a high probability of errors, conflicts between banks and their customers," she said.

In general, Korobkova pointed out the unity among banks in the issue of the need to change the existing rules of currency regulation. In her opinion, there is a high probability that the bill will be registered in parliament before the end of autumn.

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