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Cabinet to cancel currency obligatory selling
21.03.2005 08:30 "Agro Perspectiva" (Kyiv) —
Cabinet has adopted decision on
canceling of currency obligatory selling, reports LIGA Business Inform
referring to Serghiy Teriokhin, Minister of Economics.
"Government has cancelled its previous decision on signing of
corresponding mutual Decree about this rule (i.e. purchasing of 50%
currency incomes) establishing and, therefore, this Decree has become
ineffective, " said Teriokhin.
As to Ministry of Economics press-service, this decision
had been previously agreed on meeting participated by Prime Minister,
Ministers, National Bank of Ukraine (NBU) Chairman/Chairman Deputies.
Meeting participants agreed upon a number of monetary policy principal
questions.
Earlier Anatoliy Kinakh, First Vice-Premier, had declared
Cabinet was initiating NBU to adopt decision on canceling of currency
50% incomes exporters obligatory selling. Kinakh said final decision was
to be taken up by NBU.
It is to be reminded, in Dec 2004 NBU suspended plans to
boost up to 100% previously established currency 50% incomes exporters
obligatory selling.
Currency 50% incomes exporters obligatory selling had been
established by NBU in Sep 1998.
Ukrainian financial market got destabilized end Nov-early Dec
2004; to stabilize situation, NBU introduced temporary (until Dec 31)
restriction on natural/legal persons deposits extinguishing for deposits
with bank obligations executing period being not completed; besides, NBU
introduced over US$1.000 cash currency exchange operations monitoring.
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