Requirements for currency exchangers again strengthened by the National Bank

The National Bank of Ukraine has tightened the requirements for organizing the protection of premises of non-banking institutions in Ukraine. About it informs NBU website.

In particular, the National Bank provided for:

  • obligatory arrangement of the premises with security video surveillance systems;
  • mandatory protection – technical and physical, depending on the amount of cash with which the non-banking institution works;
  • the obligation to equip the cashier’s workplace with either cash registers or structural elements of enclosing structures – depending on the amount of cash;
  • obligatory storage of valuables in a vault or a safe used as a vault.

The National Bank explained this decision by “the need to balance the requirements to the activities of banks and non-banking institutions”.

Decree No. 166 comes into force on November 1, 2022, which will give non-banking institutions enough time to bring their own premises in line with the updated requirements of the regulator, the NBU said.

Recall NBU banned exchange offices from July 29 inform about exchange rates outside the cash register area, including by drawing attention to any digital values ​​​​or symbols (boards) installed on the street. Moreover, if we talk about “balancing the requirements”, then in this case the decision was clearly balanced in favor of banks, which were not forbidden to set exchange rates on the street.

The reason for the increase was an artificial overvaluation of the exchange rate in the cash segment of the foreign exchange market, which looks unreasonable against the background of a relative stabilization of supply and demand in the non-cash segment and may only indicate the speculative purposes of non-banking institutions.

Subsequently the NBU justified why the ban banned exchangers from setting the exchange rate. The National Bank believes that discipline is necessary in the country’s foreign exchange market in a warand compliance with laws and regulations. This allegedly became the main reason why the NBU made a decision on exchange offices.

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