The National Bank of Ukraine (NBU) has decided to toughen the obligatory reservation of accounts and deposits in foreign currency of companies and individuals from 3% to 5% for long-term deposits, from 9% to 10% for short-term deposits, and from 10% to 15% for called deposits and current accounts of individuals in foreign currency.

The decision is stipulated in NBU resolution No. 241 of June 20, 2013. Resolution No. 241 takes effect from July 1, 2013, Interfax-Ukraine reports.

According to the resolution, a requirement for the obligatory reservation of funds on accounts that were raised from non-resident banks and financial organizations in foreign currency (apart from in Russian rubles) was toughened from 3% to 5%.

The NBU kept at a zero level the requirement for the obligatory reservation of called deposits and funds on current accounts of individuals and companies in hryvnias, as well as for loans in hryvnias and Russian rubles from non-resident banks.

The central bank took the decision in view of the slow in the pace of growth of the national economy due to the unfavourable situation on the leading global markets.

The NBU said that the decision would promote the support of the hryvnia stability in the conditions of the unstable situation on the international markets and the increased volatility of exchange rates and cross-border capital flows.

In addition, the NBU cut the size of the sum that banks are to form on a separate account at the central bank from 50% to 40% of the total size of obligatory reserves.

The central bank increased the volume of obligatory reserves that is to be sent by banks to their correspondent accounts in the central bank every day as of early in the working day from 50% to 60%.

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