05 December 2012
Arbuzov: Mandatory sale of 50% of foreign currency earnings stabilizes hryvnia
Governor of the National Bank of Ukraine Serhiy Arbuzov predicts stabilization of the hryvnia exchange rate due to the mandatory sale of 50% of foreign exchange earnings by exporters.
"A temporary return to the practice of selling of foreign exchange earnings is one of the tools of the NBU impact on supply and demand in the interbank foreign exchange market. This is a standard practice. Due to the high global risk, a regulator has to resort a temporary introduction of compulsory return of foreign exchange earnings and sale in the interbank foreign exchange market," Arbuzov said.
According to him, these measures will increase a currency supply in the domestic market.
"As of mid-November, domestic exporters accumulated about 8 billion dollar on their accounts in banks abroad. I am confident that the sale of 50% of foreign exchange earnings by exporters will help to stabilize the foreign exchange market and the leveling of speculative mood of the participants," the head of the National Bank said.
However, he added that the initiative to introduce a 15 percent tax on the sale of foreign currency for cash hryvnia required by the draft law "On amendments to some Ukrainian laws on foreign exchange transactions" is also aimed at stabilization of the exchange rate situation.
In addition, he said that the National Bank will take measures if banks refuse to sell the foreign currency to citizens.
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