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10:20
SOME BANKS INVOLVED IN FORMATION OF ARTIFICIAL SHORTAGE OF FOREIGN CURRENCY ON CASH MARKET, SAYS NBU

Kyiv, July 29 (Interfax-Ukraine) – Some Ukrainian commercial banks are linked to the formation of an artificial shortage of foreign currency on the cash market, the National Bank of Ukraine (NBU) has said in a letter to banks.

"After an operational analysis of the state of the cash currency market in Ukraine, it was registered that some empowered banks, despite having large foreign currency stocks in their cash desks, do not sell currency to the public, which is leading to an artificial shortage of cash foreign currency," reads the letter.

The NBU demands that the heads of financial and credit institutions to oversee currency transactions in their own currency exchange outlets: they should prevent the setting of unjustifiably high exchange rates for cash foreign currency and provide for transactions on purchase and sale of foreign currency.

The NBU also obliged its territorial departments to check banks concerning the observation of the conditions of an NBU intervention made on July 28 to support currency exchange transactions.

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