National Bank of Ukraine wants to lift currency restrictions

17 March, 03:25 PM
Head of the NBU Andrii Pyshnyi (Photo:Пресцентр НБУ)

Head of the NBU Andrii Pyshnyi (Photo:Пресцентр НБУ)

Ukraine will gradually lift foreign currency restrictions imposed at the beginning of 2022 after Russia’s full-scale invasion, National Bank of Ukraine (NBU) head Andrii Pyshnyi said at a briefing on March 16.

"We strongly intend and have a clear vision of how to move toward easing administrative restrictions and currency liberalization," Pyshnyi said.

Ukraine received unprecedented liquidity support in the past year, the NBU head emphasized.

"It led to a corresponding surplus. This surplus now poses a significant risk to exchange rate stability, especially if we intend to move to currency liberalization," the central bank chief said.

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The surplus funds generated in the Ukrainian economy last year should be structured by banks raising funds through term deposits with attractive rates to allow the NBU to take the next step, said Pyshnyi.

The NBU considered it unreasonable to return to a floating exchange rate as of October 2022.

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