NBU authorizes Oschadbank to store central bank's cash reserves

12:00, 28.02.2017 1 min read

The National Bank of Ukraine (NBU) by its decision No. 102-RSh authorized state-controlled Oschadbank (Kyiv) to store the cash reserves of the central bank.

According to the website of the National Bank, Oschadbank is Ukraine's first bank, which, with the permission of the NBU, has the right to conduct operations with its reserves of cash, as well as providing and receiving cash balances from regional banks.

"Thus, the NBU will delegate some of the functions it performs in the regions to other banks within the framework of the concept of cash circulation organization in Ukraine. This will allow to gradually move from the partially-controlled model of organization of cash circulation to a delegate model," the report says.

Oschadbank was founded in 1991. Its sole owner is the state.

Oschadbank ranked second among 93 banks operating in the country on January 1, 2017 by total assets (UAH 210.099 billion), according to the National Bank of Ukraine.