20 October 2022, Thursday, 16:43 130

NBU Allows Buying Dollars At Official Rate Without Restrictions On Deposits With Mandatory Sale Of Currency After Expiration Of Deposit Period

Редактор: Tetiana Herasimova

From October 21, the National Bank allowed buying dollars at the official exchange rate of the NBU without restrictions on the amount followed by their placement on a term deposit with a bank and the mandatory return sale of the purchased currency after the expiration of the deposit period.

This is stated in the NBU message, Ukrainian News reports.

The interest rate on the deposit will be established in accordance with the interest policy of banks, the deposit period - from six months with the possibility of prolongation, but without the right of early termination.

Both the purchase and sale of currency will be carried out at the official rate of the National Bank, which will be valid on the day of each of the transactions.

That is, a citizen will be able to invest a certain amount now on a deposit in dollars at the rate of 36.57 UAH/USD and in six months to receive an amount in UAH that will correspond to the NBU rate on the date of the deposit end.

According to the National Bank, such a tool will replenish the line of alternative tools for buying cash foreign currency, and therefore will reduce the demand for it.

This will reduce the pressure on the cash foreign exchange market, which is determined by the ratio of supply and demand.

The National Bank emphasizes that the introduction of a foreign currency deposit will not have a negative impact on international reserves, given that this product involves the return sale of foreign currency.

It is reported that the new tool was developed in cooperation with banks and individual banks will introduce it in the near future.

As Ukrainian News Agency earlier reported, from July 21, the NBU adjusted the official hryvnia exchange rate by 25% to 36.5686 UAH/USD.

Since August 6, 2022, the National Bank abolished the restriction, according to which banks and non-bank institutions had to buy cash currency from the population at a rate not lower than the official one.

The National Bank allowed banks to sell more currency to the public.

So, from September 6, the volume of cash currency that a bank can offer to the population will include the entire volume of non-cash currency purchased by it from April 13, 2022, and not half of it.