The National Bank of Ukraine limited purchase of currency on the interbank bidding
The temporary regulation is intended to support the liquidity of Ukrainian banks, protect creditors, and shall come into force on February 7. The access of the citizens to their savings remains free.
According to the National Bank of Ukraine (NBU) the «the suspension stipulates in particular: the enhancement of support of liquidity of banks on the part of the NBU, the establishment of the zero rate of funds reservation for short-term external credits, determination of the limitations on fulfillment of the assignments of banking customers within fund balances on their current accounts for the beginning of the operations day, temporary restrictions for purchase of foreign currency at the interbank foreign exchange market of Ukraine for individual operations, certain limitations of the period of purchase of foreign currency by the authorized banks at the legal persons’ and sole proprietors’ request».
The regulation provides increased control of timeliness of salaries, pensions, scholarships and social benefits payment. It does not limit the payment of education and treatment abroad, transportation of patients, transfers, connected with the change of state of residence, transfers, related to the payment of salaries to non-residents of Ukraine.
In addition, the regulation increases the possibility of forecasting the peak loads on the international currency market, improves the terms of the financial monitoring and does not limit the use of citizens of their incomes and savings.
The regulation is «of temporary and exceptionally preemptive nature» and is directed to the protection of the interests of depositors and of other creditors of the banks. It shall come into force on February 7 and will be in effect until a separate decision of NBU.