Ukrainian National Bank Eliminates Limits in Cash Currency Market

Business Materials 2 December 2008 17:20 (UTC +04:00)

Ukraine, Kiev, 2 December / corr Trend Z. Novosvitskiy / Since December 2, the National Bank of Ukraine (NBU) has cancelled limitations in cash currency market, NBU's decree 408 states.   

In accordance with the decree, since December 2, authorized banks and financial enterprises realize operations in cash currency market of Ukraine on purchase and sale of cash foreign currency without any limitation concerning the size of margins in rate of cash foreign currency, as well as the limited deviation of cash foreign currencies' purchase and sale rate from the rate of hryvnia with respect to foreign currencies which are fixed by the National Bank of Ukraine.  

To prevent speculation, the NBU limited cash currency market to 1.5% as limited deviation of cash currency purchase and sale rate from the official rate of NBU and reduced the margins to three percent.

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