The board of the National Bank of Ukraine passed Resolution No. 419 earlier this month, which amends rules for deposits by foreign citizens.
The resolution, which amends the provisioning rule applied to deposits and loans in the foreign currency attracted by the authorized bank from non-residents, establishes a procedure for provisioning under the contract whereby the authorized bank attracts a deposit/loan in the foreign currency from a non-resident with a maturity of 183 consecutive days or with a shorter maturity, according to a press release.
Prior to the resolution, banks were required to keep funds in reserve for each deposit or loan in the foreign currency attracted from a non-resident in an amount equal to 20 percent of the total value of the transaction. The reserve ratio was reduced from 20 percent to zero percent.
The new resolution is expected to provide banks with additional short-term liquidity to aid in sustaining their operating activities in the face of funding constraints in the domestic and foreign markets.
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