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Ukraine passes the law on foreign currency loans

Source : 112 Ukraine

Parliament agreed an instrument for solving problems concerning individuals who have obligations under the contract of consumer loans obtained in order to purchase real estate
19:44, 3 July 2015

This change means a conversion of foreign currency loans in hryvnia, taking into consideration the exchange rate of time they were issued. The low obliged all Ukrainian banks to restructure the obligations under credit contract at the official NBU rate on the date of the contract at the request of the citizens who had obligations under the contract of consumer loans in foreign currency.

Now creditors are not allowed to set any additional payment obligations for debtors.

According to the National Bank of Ukraine, the restructuring would lead to the massive involvement of the banks. NBU insisted on the rejection of the draft law on the restructuring of foreign currency loans to borrowers.

President Poroshenko didn’t welcome the news about the adopted law. “I am very disappointed with the future of the coalition and parliament.

I saw populist politicians, who jeopardize the existence of the financial and banking system of the country, undermine sustainable development of the economy and give unrealistic promises, trying to appease the society, "- mentioned Poroshenko.

Prime Minister Arsenii Yatseniuk ultimately did not endorse the idea, siding with the critics. “Let us equate the cost of 1 kg of gold and the cost of 1 kg of salo”, said Yatseniuk.

According to the latest information from the website of the Parliament,  Verkhovna Rada registered a draft resolution "On the cancellation of the results of voting Bill on restructuring currency credits”.

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