The National Bank of Ukraine (NBU) has said it opposes the legal regulation of the restructuring of consumer credits taken in foreign currency, according to a post on the Facebook page of the central bank.

"The interference of the state in economic operations of banks and their legal relations with clients is inadmissible," reads the report, citing First Deputy NBU Governor Oleksandr Pysaruk.

The crediting program of the International Monetary Fund (IMF) stipulates the voluntary character of the negotiation process between borrowers and banks on restructuring currency-pegged mortgage credits: if the law foreseeing the forced conversion of currency-pegged mortgage credits into hryvnia-pegged credits is passed, the Ukrainian president would veto the law.

"The discussion of the draft law on restructuring of liabilities on currency-pegged credits in parliament is unfeasible. Its requirements are contradictory and bring more questions than answers. We support the settling of these problems on a voluntary basis," reads the report.

The NBU said that the restructuring mechanism is foreseen in the memorandum of settling the issue of restructuring consumer credits in foreign currency.

"The basis for its practical realization has appeared. These are amendments to the Tax Code passed by the Verkhovna Rada. They exempt incomes of individuals-borrowers from taxation that appear when a part of the debt is written off," reads the report.