NBU to reduce non-bank currency-exchange desks

Tuesday, January 20, 2015 - 11:21 (EET) Section: Latest news

The National Bank of Ukraine is going to ban non-bank currency-exchange desks from trading currencies.
This was stated by first deputy governor of the NBU Oleksandr Pisaruk, an Ukrinform correspondent reported.
“We decided to raise the question of amending the decree on currency regulation to exclude non-banks from the list of institutions eligible to trade currencies” he said.
As the National Bank press release reads, now there is an extensive system of currency-exchange desks, opened by non-bank financial institutions and the Ukrposhta state enterprise of postal service of Ukraine.
“Inspections of such desks revealed numerous violations of the NBU legal acts in the implementation of the exchange transactions and insufficient monitoring on part of the management of the non-bank financial institutions and the Ukrposhta over the activities of their departments. The lack of proper control opens up the possibility for the occurrence of systemic abuse and the emergence of social tension,” the regulator explains.
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