Yanukovych permits NBU to oblige exporters to sell part of currency revenues
2012-11-16 10:20:26
President Viktor Yanukovych has signed a law empowering the National Bank of Ukraine to introduce the temporary obligatory sale of foreign exchange earnings by exporters for the benefit of the residents of Ukraine, the president's press office said in a statement on Thursday.
"President of Ukraine Viktor Yanukovych signed the Law No. 5480-VI "On amendments to some legislative acts of Ukraine on extending the instruments to influence the monetary credit market," the report says.
The law, by amending the Commercial Code of Ukraine and the Law "On the National Bank of Ukraine", "On Foreign Economic Activity", "On the Procedure for Payment in Foreign Currency," provides the National Bank with the right to introduce for up to 6 months the compulsory sale of foreign exchange earnings in the interests of the residents of Ukraine, and to change the terms of settlement for export and import transactions.