NBU tightens requirements for non-bank currency exchangers

The National Bank is tightening requirements for non-banking institutions trading in cash. Exchange rates can only be found in the premises of exchange offices, and the process of buying / selling will be carried out with mandatory video surveillance.

According to Ukrinform, this is reported by press service of the NBU.

“The National Bank believes that the loosening of the situation with the cash exchange rate during the war in order to obtain an additional margin in the segment where the population buys foreign currency is unacceptable. Considering this, in order to minimize speculation and create a truly competitive environment, the NBU is tightening the requirements for non-banking institutions regarding the organization of trade in cash,” the statement said.

Firstly, information about the established rates should be provided to the public in a standardized form in a well-defined format – a copy of the order (instruction). This information will be placed exclusively at the cash desks of institutions and structural divisions.

At the same time, non-banking financial institutions and postal operators are prohibited from informing about the established exchange rates for buying and selling foreign currencies outside the cash desks of institutions and their structural divisions, drawing additional excessive attention to them with any digital values ​​or symbols.

Secondly, the obligation of institutions to provide information to the Register of premises where currency transactions are carried out using cash has been renewed.

Thirdly, in order to control the observance by non-banking financial institutions of the procedure for foreign exchange transactions and ensure security, the process of buying and selling currencies should be carried out with mandatory video surveillance.

In addition, a number of requirements are put forward for the premises where they buy / sell currency values. In particular, the National Bank will revise the technical requirements for cash desks.

Fourthly, in order to strengthen control over compliance with the requirements for the purchase and sale of currencies exclusively with the use of registrars of settlement transactions (RRO), information on the used cash registers will be transferred to the National Bank. This will strengthen tax discipline, according to the NBU.

To date, according to the regulator, non-banking institutions evade and pay almost no income tax. The paid income tax of such companies is only 0.00185% of the volume of the currency they bought, or about UAH 7 million per year for the entire market.

Read also: Dollar at “36 and six”: what will happen to the economy and prices?

These changes do not apply to banks, since to date there have been practically no recorded abuses on their part in the field of cash currency trading. However, if abuses are detected, the NBU warns, similar regulation will be introduced for banking institutions.

The above and other changes are contained in the Resolution of the Board of the National Bank of Ukraine dated July 29, 2022 No. 165, which comes into force on July 29, 2022.

As Ukrinform reported, on July 21, the National Bank of Ukraine adjusted the official hryvnia exchange rate against the US dollar by 25% to UAH 36.5686/USD.

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