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President Viktor Yanukovych signed a law adopted by the Verkhovna Rada on Nov. 6 that grant the National Bank a right to enter for six months requirements for mandatory sale of foreign currency earnings coming to Ukraine for the benefit of residents and non-residents, the press service of the President reports.
The document suggests the possibility of introduction by the National Bank for six months of the requirements for the mandatory sale of foreign exchange earnings, as well as the ability to change the timing of the settlement on transactions of exports and imports of goods.
According to the NBU, as a developer of the bill, the document will prevent instability during the deterioration of the payment balance, and the means of residents will work on the Ukrainian economy by reducing the credit length of other states’ economies.
As a reminder, according to the official data, for the last two years, the amount of funds in the accounts of exporters doubled and now amounts to more than 10 billion dollars. In addition, the exporters have a stable foreign exchange contracts. According to the experts, the monthly revenue numbers four-six billion dollars. However, the currency did not get to market. The exporters withheld dollars in order to prevent the strengthening of the hryvnia and, therefore, the growth of production costs.