MPs extend tools of influence on monetary market

The Verkhovna Rada of Ukraine has passed the draft law on amendments to some legislative acts of Ukraine concerning the extension of tools of influence on the monetary market.
As ForUm correspondent reports, 237 MPs have voted in favor of the law.

In particular, the National Bank of Ukraine shall have the right (for up to 6 months) to introduce rules on the compulsory sale of foreign exchange earnings. The rules shall be cancelled after the stabilization of the situation in the domestic market and the balancing of the balance of payments of Ukraine.

In addition, the National Bank shall be entitled to temporarily change the terms of the settlement of exports and imports transactions.

According to the authors of the bill, it will help the money of residents to work for the domestic economy during the degradation of the balance of payments (by reducing the lead time on investment (lending) in the economies of other countries).