The National Bank of Ukraine (NBU) has improved the conditions for selling foreign currency by banks’ clients on the interbank currency market, the central bank has reported on its website.
The decision is approved in resolution amending some legal acts of the NBU dated January 25, 2018. The document took effect on January 27, 2018.
The resolution, in particular, determines the right of clients to submit an application for the sale of foreign currency to any authorized bank of his choice (regardless of the availability of a current account in foreign currency opened in this bank).
In addition, the NBU specified the terms for selling foreign currency to customers by banks. As before, the authorized bank is required, on behalf of the client, to sell its own funds in foreign currency no later than five working days, starting from the day of writing off these funds from the current account of the client opened in this bank. At the same time, the NBU said that if the funds for sale are transferred by the client from another authorized bank, the sale of this currency is carried out within five days from the date of transfer of the funds to the correspondent account of the authorized bank.
“These steps for monetary liberalization are developed taking into account the proposals received from the business and market participants. Thus, the business will have more opportunities to choose the best exchange rate for selling currency, and these changes will create the proper conditions for the development of economic competition in the interbank foreign exchange market,” the NBU said.
At the same time, the National Bank said that these steps will not have a significant impact on the state of the foreign exchange market.
