Crimea to set up own analogy of the National Bank

The Crimea State Council issued a regulation setting up a financial regulator of the republic - the Bank of Crimea.

According to the regulation, the Bank of Crimea is a state structure, which (by analogy with the NBU) will monitor all financial operations in the Crimea. However, it operates on non-profit basis. Bank of Crimea will monitor the banking institutions of the peninsula, their registration and issuance (if necessary - cancellation) of banking licences.

To date, in the Crimea there are about 1,500 branches of Ukrainian banks, in particular, 367 branches of Privatbank and 257 branches of Oschadbank. The Bank of Crimea will also control currency flows in the banking institutions of the republic. The supreme governing body of the Bank of Crimea is the Board. The Bank will be headed led by a Chairperson, who shall be approved for maximum 5 years’ period by the Crimea State Council. Currently the Bank will be chaired by Nikolai Barilyuk. Barilyuk confesses, he is a Crimea resident and lives on the peninsula for more than 20 years.

“The main objectives of the Bank of Crimea are the protection and ensuring the monetary stability, development and strengthening of the banking system, ensuring effective and smooth functioning of the payment system. Withdrawal of cash (Ukrainian hryvnia) from circulation on the territory of the Republic of Crimea will be carried out exclusively by the Bank of Crimea,” says Nikolai Barilyuk.

The Bank of Crimea is currently temporarily located in the Crimean Ministry of Finance, but in the near future, it will be relocated to other premises. As Kharkov News Agency sources report, Bank of Crimea will use some of Privatbank’s Crimea resources for creation of its system. Earlier, official representative of Privatbank said that this the biggest bank of Ukraine intends to fully restore the operation of its offices in Crimea, after receiving a clear definition of the legal status of banks on the peninsula.

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