Cabinet supports currency bill – Prime Minister
16:18, 12 March 2018

Cabinet supports currency bill – Prime Minister

According to Churiy, the bill has gathered the support of the majority of market players

16:18, 12 March 2018

Open source

The Prime Minister of Ukraine Volodymyr Groysman has said that the government supports the bill on currency, which has been drafted by the National Bank and endorsed by the National Reforms Council by the President of Ukraine, Interfax-Ukraine reports.   

“The bill “on currency” has been prepared very well by the National Bank. And I am very happy that the President is going to send it to the Parliament for consideration”, - the Prime Minister said during a meeting with corporate representatives on Monday in Kyiv.

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Groysman emphasized the quality of the bill, which the government is expected to support. He also encouraged the Parliament of Ukraine to vote in favor of the bill as soon as possible.

On 10 August 2017, the National Bank of Ukraine published a bill “on currency” on its official website for public consideration. The bill is supposed to become a single legislative act on currency regulation and implementation of currency monitoring in the country.

Related: National Bank finds 115 illegal currency exchange outlets in 2017

Earlier, on 1 December 2016, the National Bank published a new policy of currency regulation, as well as a “roadmap” for its introduction. The policy provides for the freedom to perform currency transactions based on the “everything not explicitly forbidden is allowed” principle. At the same time, the free movement of capital assumes the absence of currency restrictions, hence, it does not require currency control. Compliance with the law is supposed to be monitored by the currency oversight.

According to the suggestions by the National Bank, once the bill is voted into a law by the Parliament, a 6-month interim period will be required in order to harmonize the central bank’s regulations with the specifics of the law. The law will become effective only after that.

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Currently, the primary legislative act that regulates the currency market is a decree by the Cabinet of Ministers of Ukraine “On currency regulation and currency control” from 1993.

On 5 March 2018, the Deputy Head of the central bank Oleh Churiy said that after considering the bill on 2 March, the National Reforms Council by the President of Ukraine recommended considering the bill the top priority.

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“The National Reforms Council has not only supported the bill but has also recommended for it to be considered a top priority, as it is extremely important for the development of the market and for making Ukraine a place with free movement of capital”, - he said at a press conference in Kyiv on Monday.

According to Churiy, the bill has gathered the support of the majority of market players. The document is currently being finalized by paralegals, who are editing the specifics of the bill in order for it to be considered by the Parliament of Ukraine. The President of Ukraine will be the subject of the legislative initiative that sends the document to the Parliament.

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