NBU lifts limit for foreign currency selling rate

The National Bank of Ukraine (NBU) from May 21 lifted the restriction, according to which authorized institutions could sell foreign currency in cash to customers with a deviation from the official one by no more than 10%, the press service of the regulator reported on Friday.

The changes were adopted by NBU Board Resolution No. 102 dated May 20, which was published on the website of the central bank and comes into force on May 21.

The document also abolished similar restrictions on setting the rate, according to which banks write off hryvnia funds from clients' accounts if clients use hryvnia cards abroad.

"The removal of restrictions on the establishment of rates, at which banks sell foreign currency to the public, will improve the working conditions of legal market participants. This will enhance competition, increase the liquidity of the legal segment and reduce the volume of illegal transactions. All this will make the foreign exchange market more stable and will help reduce the amplitude of exchange rate fluctuations in its cash segment," the press service of NBU said, citing Deputy Governor Yuriy Heletiy.

Source: www.en.interfax.com.ua