Currency income used to pay currency credits should be exempted from obligatory sale, says official

13:09, 28.11.2012 1 min read

The restoration of the obligatory sale of 50% of foreign currency income should be a temporary measure, and today it requires certain adjustments, Vice Premier and Social Policy Minister Sergiy Tigipko has said.

"Today we've made a proposal that the funds sent to pay currency credits are not included in the obligatory 50% sale. This is the correct decision," he told reporters in Kyiv on Tuesday.

As reported, the Ukrainian parliament following an initiative of the National Bank of Ukraine (NBU) in November 2012 passed a law allowing the NBU to temporarily (for the period up to six months) introduce the obligatory sale of a part of foreign currency income and cut the terms of its return.

The NBU exercised this right, and from November 19, 2012, for the first time since 2005 again introduced the obligatory sale of 50% of foreign currency income, reducing the terms of its return from 180 to 90 days.