Mandatory sale of foreign currency earnings extended for another three months
One of the instruments to stabilize the economy of Ukraine, introduced by the National Bank, was the mandatory sale of foreign exchange earnings by exporters. It was approved by Resolution of the Board of the National Bank of 29 August 2014 and operated until December 2 this year. Because the current economic situation still requires the use of regulatory mechanisms, the effect of the instrument continued for another three months. Thus, entrepreneurs engaged in export obligation of 75% of foreign exchange earnings to exchange for local currency. The news was reported by the head of the National Bank of Ukraine Valeriya Hontareva at a meeting with the largest banks in Ukraine, which is held every week.
Requirements for the mandatory sale of 75 percent of foreign exchange earnings will be retained until March 2, 2015. Also reduce the term of the settlement of trade export operations up to 90 calendar days. In addition to this measure, will continue to be restricted to individual cash transactions for individuals - the transfer of money from abroad, withdrawals from bank cards, receive a specified amount from the deposit or current account. All this is necessary to control the flow of currency into the country and its export from Ukraine. Failure to comply with imposed rules may result in even greater disgarmonizatsii economy. Anti-crisis measures designed to regulate the monetary market and should contribute to the gradual equalization of the situation.
Valeria Gontareva also noted that the regulator has considered the possibility of creating an attractive tool for the citizens of Ukraine investment. It will not be subject to restrictions with respect to foreign currency deposits. Such a tool will become urgent registered certification certificates of deposits in foreign and local currency is issued for 6 months and more.