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NBU fixes FX transactions at official rates

NBU fixes FX transactions at official rates

6 November 2008

The National Bank of Ukraine required that all FX transactions be conducted at the official NBU rates, with fixed currency purchases within 3% of the selling price. The NBU also banned currency exchange kiosks as of January 1, 2009 – mandating that all forex transactions take place through banks. Oleksandr Klymchuk: The move will improve order on the local cash FX market and help authorities decrease the dollarization of the economy. Earlier this week, the National Bank introduced new trading rules on the interbank currency exchange market, requiring commercial banks to quote every bid for non-cash currency exchange transactions in an electronic trading system.

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