The National Bank of Ukraine (NBU) proposed closing non-bank exchange offices.

exchangersExchange offices with high rates may disappear
The National Bank has proposed closing non-bank currency exchange offices. This was announced on Tuesday by First Deputy Governor of the NBU Oleksandr Pysaruk, according to Finmaidan.

According to him, the NBU has prepared a draft law "On Amendments to the Cabinet of Ministers' Decree 'On the System of Currency Regulation and Currency Control'" for this purpose. "The amendments to the currency decree exclude financial companies from the general license for currency transactions," he explained.

Pysaruk said only four companies are involved. The NBU's documents only list Ukrposhta, but, for example, Financial Company Victoria also operates in Kyiv, where they trade currency at a rate 3 hryvnias higher than banks.

According to Pisaruk, Ukraine is one of the leaders in Europe in terms of currency exchange coverage. "There are 45 bank-operated currency exchange offices per 100 people in Ukraine. This is the second highest rate in Central and Eastern Europe after Bulgaria, which has 65 exchange offices," the banker explained. Therefore, he believes the decision to close non-bank currency exchange offices will not have a significant impact on the market.

Let us remember that with the official dollar exchange rate of around 15,80 UAH, bank exchange offices trade currency at around 16,5 UAH, while non-bank exchange offices trade at around 20 UAH.

 

LB

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