The national Bank announced the innovation in the foreign exchange market

Нацбанк обнародовал нововведения на валютном рынке

The NBU is preparing amendments to currency regulation

The regulator intends to reduce the regulatory legal base in the sphere of currency regulation several times.

From February 7, 2019 national Bank will reduce the regulatory legal base in the sphere of currency regulation to seven key regulatory-legal acts, against 56, which act now. This was reported on the website of the NBU.

“Unlike the confusing current of the base of the 56 normative legal acts in the sphere of currency regulation, the new framework will be simple, clear and accessible. It will consist of seven new key legislative acts”, — stated in the message of the national Bank.

These documents will define:

  • structure of foreign exchange market and the rules of trade in foreign currency and Bank metals;
  • the order of calculations of operations on purchase and transfer of foreign currency on the territory of Ukraine and abroad
  • transboundary movement of cash in national and foreign currency, banking metals, as well as securities in certificated form banks, legal entities and individuals;
  • the total list of protection measures for possible application by the national Bank, the criteria and the procedure for their administration, the conditions for their renewal and early termination;
  • the list of measures of protection and their application (anti-crisis decree, which is temporary);
  • other instruments to stabilize the monetary market (reserve for foreign exchange transactions), as well as notifying system of gathering information on foreign exchange transactions;
  • the order deadlines of the payments, established by the National Bank.

According to the law On currency and foreign exchange transactions, a number of steps to liberalize currency regulation will be introduced immediately after the commencement of the act. In particular:

  • the deadline for the settlement of export-import contracts will be extended to 365 days (now it is 180 days).
  • will be canceled monetary oversight for the export-import operations in the amount of 150 thousand UAH.
  • individual currency license will be cancelled. But there will be a system of electronic limits.
  • sanctions are lifted in the form of termination of foreign economic activity for violation of settlement terms.
  • allowed online purchase of foreign currency by individuals. While such operations will apply the same limit as for the purchase of foreign currency in cash (now up to 150 thousand UAH per day equivalent).

“Will the new regulatory legal acts and all other currency liberalization, in addition to those already stipulated by the law On currency and foreign exchange transactions will depend on macroeconomic conditions at the time of the completion of the new currency regulation. The key task of the National Bank to ensure macroeconomic and financial stability in Ukraine, therefore, further relaxation of the rules of conducting currency operations will be possible only under favorable macroeconomic conditions,” – said the Deputy head of the national Bank Oleg Churiy.

As reported, in August, Ukrainians have updated the maximum purchase foreign currency through the banking system since the beginning of 2015, buying the currency at 1,045 billion.

Informed Japanese analysts have included Ukraine in the list of countries at risk of a currency crisis.

 

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