The adoption of the draft law on currency developed by the National Bank of Ukraine (NBU) will facilitate the inflow of foreign direct investment (FDI) into the country, Oleh Churiy, the deputy head of the central bank, has said.
“We believe that the adoption of this law will certainly promote such an inflow, since we will first of all bring our legislation in correspondence with European standards, it will fully comply with these principles and this will indicate that we are finally moving towards free capital movement, removing many restrictions that are currently ineffective and inhibit the inflow of foreign investments. I think this will be a very positive factor in terms of inflow of not only foreign investments but also from the point of view of even domestic investments,” he said at a press conference in Kyiv.
Churiy also said that the entry into force of the law on currency would not affect the situation in the market.
“Regarding its influence on the balance of payments: we have our simultaneous process – it is currency liberalization. Of course, this should not affect the market situation, since when we lift restrictions, we will also be guided by our plan for currency liberalization. At the same time, if the law is passed, we will be able to immediately remove the norms that affect the business climate. That is, after the adoption of this law, I think the situation will improve much in terms of effectiveness of currency legislation on the one hand and, on the other hand, there will not be any negative impact on the market situation,” he said.
