NBU permits banks to change currency exchange rates during working day

The National Bank of Ukraine (NBU) has permitted banks to change currency exchange rates during the working day, the regulator has said on its website.

The decision is outlined in NBU resolution No. 341 of June 7.

"Banks and financial institutions that are involved in currency exchange transactions now can change currency exchange rates during the working day. This would allow cutting risks for them and decrease the spread between the purchase and sale foreign currency exchange rates," the NBU said.

The NBU also permitted setting different currency purchase and sale rates in banks' cash desks, their divisions and currency exchange outlets located in different places.

"Thanks to this banks and financial institutions would be able to better react to regional specifics of the currency market," the central bank said.

The NBU also permitted banks to use own commercial exchange rate, not the NBU official exchange rate for cash currency conversion.

The list of currencies that banks and financial institution can convert has been expanded: not only the first tier currencies, but also the second tier currencies.

The regulator facilitated document flow for currency exchange transactions: individuals are to present ID when they buy foreign currency, but now cash desk officers are to copy ID pages only when the sum of purchase exceeds UAH 150,000.

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