National Bank of Ukraine (NBU) has drafted amendments to the procedure for issuing licenses to banks, which will oblige financial institutions to obtain separate permits to carry out currency exchange operations in the cash market.
According to the draft document, which is posted on the website of the National Bank, the changes needed to improve the effectiveness of monetary control over the activities of banks.
The draft states that the receipt of written permission will be required to carry out currency exchange operations in the box office and exchange offices in the bank and exchange that operate on the basis of agency agreements with financial institutions.
In addition, a separate permit will be required to trade currencies on the foreign exchange market of Ukraine and international markets.
draft normative act also stipulates that in order to obtain permits to carry out currency exchange operations in the box office and exchange offices or agents in exchange the banks need to have the amount of regulatory capital at not less than the equivalent of EUR10 million, and experts' respective qualifications.
To obtain permission to trade currency on the foreign exchange market of the country banks would be required to obtain prior permission to open foreign exchange correspondent accounts in other banks. In addition, this finuchrezhdeniyam need to establish regulatory capital of at least EUR10 million
comments and suggestions on the draft normative act adopted by the National Bank until August 3.
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