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Dollar exchange rate – NBU explained the need to tighten requirements for exchangers – UNIAN

After the banks increased the supply of cash, non-banking financial institutions began to increase the rate very quickly for unknown reasons.

The National Bank banned exchangers from posting data on exchange rates on the streets / photo from UNIAN

The need to tighten requirements for exchangers, including ban on posting exchange rates on street signs, caused by their speculation about the exchange rate.

This was announced by the First Deputy Chairman of the NBU Ekaterina Rozhkova in broadcast of the telethon.

β€œIt is necessary to consider not only the issues of price tags in non-banking financial institutions, but a whole range of measures that the National Bank has recently implemented in the cash foreign exchange market. Firstly, in order to ensure the supply of currency in the cash foreign exchange market, we have relaxed a number of requirements for banking institutions, allowed them to sell more currencies and thus pursued the goal of satisfying demand and balancing rates in the cash foreign exchange market,” Rozhkova said.

If we talk about non-banking financial institutions – exchange offices, then, according to her, the decision of the regulator also provides for a number of measures that tighten the regulation of non-banking financial institutions.

“Historically, non-banks have had a quieter life compared to banks… and often used this opportunity for looser regulation to carry out their speculative transactions. Therefore, firstly, we have tightened the requirements for premises where currency exchange is carried out in non-bank financial institutions, to the very process of exchanging currencies, namely, the mandatory use of cash registers, mandatory video recording,” the first deputy head of the NBU said.

With regard to, in particular, the rates on the scoreboard, then, according to Rozhkova, the checks showed that non-banking financial institutions often carry out the actual sale of currencies at a rate that differs from that posted on the scoreboard.

“Not only is this manipulation – as soon as banks increased the volume of supply of cash currency, non-banking financial institutions began to increase the exchange rate very quickly, it is not clear why. Therefore, we made such a decision, I understand that it is not popular … but we believe that war is not the time for speculation, it is not the time for spinning up and escalating the situation on the cash foreign exchange market,” Rozhkova stressed.

She expressed hope that the cash foreign exchange market would soon balance out, and also that rates on deposits and government bonds would rise.

“We still hope that banks will continue to raise deposit rates, that the Ministry of Finance will continue to raise government bonds rates, and this will enable people to use other ways to save their hryvnia savings,” Rozhkova added.

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As UNIAN reported, on July 21 the National Bank raised hryvnia official exchange rate by 25% – up to 36.57 UAH / USD.

This decision is due to the fact that for the gold and foreign exchange reserves of Ukraine it was very expensive to contain the official exchange rate at the level of 29.25.

Later, the National Bank told how change in the official exchange rate affect inflation and fuel prices.

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