Ukraine’s central bank tightens requirements for long-term foreign currency deposits.

By bne IntelliNews June 25, 2013

The National Bank has tightened the reserve requirements for long-term foreign currency deposits of legal entities and individuals from 3% to 5%, and for short-term foreign currency deposits from 9% to 10%. The reserve requirements for foreign currency deposits of individuals on demand and on current accounts increased from 10% to 15%. The reserve ratio of foreign currency assets (other than Russian rubles) by non-resident banks and financial institutions of non-residents was raised from 3% to 5%. The foreign currency deposit ratio for legal entities on demand and current accounts remained unchanged at 10%.

The measures aim to de-dollarize the economy and create preferential conditions for the banks to attract funds in national currency.

Related Articles

Norway's Scatec Solar to construct €85mn solar plant in Ukraine

Norway's Scatec Solar is going to begin the construction of a €85mn solar power with a total capacity of 83 MW in Ukraine's Cherkasy region this year, according to the company's June 12 ... more

Macedonia blocks bank accounts of Kazandol project investors

The bank accounts of Copper Investments (COPIN), the investor in Macedonia’s Kazandol mining project via its subsidiary Sardich MC, have been blocked since April 12 and the company’s employees ... more

Finland gives final nod to construction of Nord Stream II

Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more