Date: 9 months ago   Category: Financial

The National Bank has published innovations in the foreign exchange market


The regulator intends to reduce standard and legal base in the sphere of currency regulation several times. Since February 7, 2019 the National Bank will be reduced standard and legal by base in the sphere of currency regulation to seven key normative legal acts, against 56 which work now. It is reported on the website of the NBU. "Unlike the tangled operating base from 56 normative legal acts in the sphere of currency regulation, the new base will be simple, clear and available. It will consist of seven new key normative legal acts" — it is said in the statement of National Bank. These documents will define: structure of the foreign exchange market and rule of trade in foreign currency and bank metals; a procedure of payments, operations on purchase and transfers of foreign currency in the territory of Ukraine and abroad cross-border movement of cash national and foreign currency, bank metals and also securities in a documentary form banks, legal entities and individuals; the general list of measures of protection for possible application by National Bank, criteria and an order of their introduction, a condition of their extension and early termination; the list of the entered measures of protection and an order of their application (the anti-recessionary resolution which has temporality); other instruments of stabilization of the monetary and credit market (reservations on currency transactions) and also the notifying system of collection of information about currency transactions; an order of observance of deadlines of the calculations established by National bank. According to the law On currency and currency transactions, a number of steps on liberalization of currency regulation will be entered right after the beginning of operation of the law. In particular: the deadline of implementation of payment under export-import contracts will be expanded up to 365 days (now it makes 180 days). currency supervision for export-import transactions for the sum up to 150 thousand UAH will be cancelled individual currency licenses will be cancelled. But there will be a system of electronic limits. sanctions in the form of the termination of foreign economic activity for violation of terms of calculations will be cancelled. online purchase of foreign currency by natural persons will be resolved. At the same time on such operations the similar limit, as well as will extend to purchase of cash (now — to 150 thousand UAH a day in an equivalent). "Whether there will be in new normative legal acts other steps on currency liberalization, except those which are already provided by the law On currency and currency transactions, will depend on macroeconomic conditions at the time of completion of work on new currency regulation. A key task of National bank - to provide macroeconomic and financial stability in Ukraine therefore the further ease of rules of carrying out currency transactions will be possible only under favorable macroeconomic conditions", - the deputy head of the National Bank Oleg Chury has emphasized. As it was reported, in August Ukrainians have updated an indicator of the maximum purchase of currency through a banking system since the beginning of 2015,

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