The government is planning to force out international money transfer system from the domestic market and to prohibit indication of prices pegged to foreign currency. The relevant draft law, on currency regulation and currency control, was published by the Ministry of Economic Development and Trade, UKRINFORM reported.
As planned by the legislator, the document is to protect the country's economic security. Among other things, it will oblige setting commodity prices in the national currency in sales on the Ukrainian territory, and will ban the use of any equivalents in foreign currencies.
At the same time, the ministry proposes protecting the rights of banks issuing currency loans: with a general license of the NBU obtaining an individual license is not needed, although earlier jurisprudence recognized issuance of foreign currency loans under such conditions as illegal.
Experts call for outlining clear criteria for the introduction of obligatory sale of foreign currency, as the powers of the National Bank will expand after adoption of the bill.
In particular, in the event of balance of payments problems, the NBU will force all residents to sell up to 50% of the foreign exchange funds received from non-residents.
If the bill is adopted in the fall, the NBU will be able to take advantage of this norm in the near future, given that Ukraine's balance of payments for the year is expected to approach zero, and getting a new tranche of the IMF is still in question.
As planned by the legislator, the document is to protect the country's economic security. Among other things, it will oblige setting commodity prices in the national currency in sales on the Ukrainian territory, and will ban the use of any equivalents in foreign currencies.
At the same time, the ministry proposes protecting the rights of banks issuing currency loans: with a general license of the NBU obtaining an individual license is not needed, although earlier jurisprudence recognized issuance of foreign currency loans under such conditions as illegal.
Experts call for outlining clear criteria for the introduction of obligatory sale of foreign currency, as the powers of the National Bank will expand after adoption of the bill.
In particular, in the event of balance of payments problems, the NBU will force all residents to sell up to 50% of the foreign exchange funds received from non-residents.
If the bill is adopted in the fall, the NBU will be able to take advantage of this norm in the near future, given that Ukraine's balance of payments for the year is expected to approach zero, and getting a new tranche of the IMF is still in question.
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