The National Bank of Ukraine (NBU) on Monday adopted measures in regards to the foreign exchange market and importers to improve the status of the national currency.
According to the bank's announcement, importers have allegedly put unneeded pressure on the foreign exchange market through import contracts dealing with advance payments. The measures that were released by the NBU aim to strengthen the currency and to stabilize it.
The measures include a ban on foreign exchange purchases for banks' clients in the case that loans are also used for this. It also stipulates that all banks are required to receive approval from the NBU in making advance payments that exceed $50,000. This stipulation does not apply to import contracts. The third item is that banks are required to have letter of credit payments for operations with clients that exceed $500,000.
The bank stresses that discipline in import payments aims to prevent devaluation of the national currency.