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Sunday, April 30, 2017

Banking sector supports simplified exchange rate authority

CEOs from many of Ukraine's largest banks met and voiced support for simplified exchange rate authority that is transparent, the National Bank of Ukraine (NBU) said Monday.

The CEOs said a single authority on the exchange rates would help in stabilization efforts of the economic system.

"We advocate a transparent exchange-rate policy and a shift to market-based exchange rate-setting mechanisms," NBU Governor Valeriia Gontareva said. "We want the market to operate under a single and efficient exchange rate regime. The regulator's commitment to a flexible exchange rate regime lies at the core of the monetary policy."

During the meeting attendees were informed of the Deposit Guarantee Fund and that it is currently working to strengthen its supervisory role. This includes meeting with representatives from the World Bank and the U.S. Treasury.

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