The Verkhovna Rada of Ukraine has supported the first reading of a bill on currency.
With 226 votes required, 253 lawmakers voted for bill No.8152, Ukrainian News Agency reports.
According to the text of the document, currency regulation in Ukraine is to be based on the following principles: a flexible exchange rate; independence of the National Bank of Ukraine in formulation and implementation of monetary and currency policies; the use of market instruments for currency regulation is to be prioritized over the use of administrative instruments; freedom to perform foreign-currency operations; ensuring stability of the financial system and equilibrium of Ukraine's balance of payments.
According to the bill, currency transactions are to be performed without restrictions, except in cases in which the National Bank of Ukraine imposes protective measures in accordance with this law.
Currency operations are to be performed in accordance with the currency legislation.
According to the bill, in the area of performance of currency operations, non-residents have all the rights granted to residents of Ukraine.
The bill also stipulates that the hryvnia is the only legal tender in Ukraine and that all individuals and legal entities throughout Ukraine must accept it for settlements and transfers without restrictions.
The procedure for conducting settlements on operations involving foreign currency and precious metals is to be determined by the National Bank of Ukraine.
As Ukrainian News Agency earlier reported, President of Ukraine Petro Poroshenko has submitted a bill on currency to the parliament.
The National Bank of Ukraine needs a six-month transition period to harmonize regulations after adoption of the currency law.
The National Bank of Ukraine expects the parliament to adopt the draft law on currency in 2018.
The National Bank of Ukraine published the draft law "On Currency" with its own proposals on introduction of a new model of currency regulation on August 9, 2017.
The National Reform Council chaired by President Petro Poroshenko reviewed the draft currency law, which was to be submitted to the parliament for consideration, on March 2.
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