The National Bank of Ukraine adopted a number of changes in the procedure for the functioning of the foreign exchange market.
They are aimed at maintaining stability, reducing pressure on Ukraine’s international reserves and preventing unproductive capital outflows.
This was reported by the press service of the NBU.
Thus, from May 4, 2022, the limits of open long and short currency positions of banks are reduced from 15% to 5% of their regulatory capital.
In addition, from April 30, 2022:
- banks are suspending the issuance of new savings certificates denominated in foreign currency. The restriction does not apply to banks attracting deposits in foreign currency;
- banks are temporarily prohibited from entering into a number of derivative money market contracts (except for swaps), namely:
- contracts on the basis of which obligations arise for the parties to this contract for the purchase, sale of foreign currency or bank metals for the hryvnia;
- contracts, the base indicator of which is the foreign exchange rate against the hryvnia, the currency index (rates of several currencies) is expressed in hryvnia or the price of bank metals in hryvnia
Also, from April 30, the NBU clarified the procedure for banks to determine the hryvnia exchange rate against foreign currencies in the course of operations using electronic means of payment. In particular:
- the hryvnia exchange rate against foreign currency should not exceed by more than 10% the official NBU exchange rate (effective on the day the bank records the operation) in case of debiting funds in hryvnia from the client’s account, if the interbank transfer for such a client’s operation is carried out in foreign currency;
- the hryvnia exchange rate against foreign currency must be equal to or higher than the official NBU exchange rate (effective on the day the bank reflects the operation):
- in case of debiting funds in foreign currency from the client’s account, if the interbank transfer for such client’s operation is carried out in hryvnia;
- when funds are credited to the client’s account in national currency, if the interbank transfer for such an operation is carried out in foreign currency.
Earlier, the NBU reported that the transition to the restoration of standard work and monetary policy after the end of martial law would be very gradual.
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