Number of forex booths in Ukraine 70% up within year

16:53, 14 January 2016
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The number of official non-bank currency exchange offices in Ukraine in 2015 grew by 70% to 1,988, according to a posting on the website of the National Bank of Ukraine (NBU).

Photo from UNIAN

As of the beginning of the year, 17 non-bank financial institutions held a general license to conduct foreign exchange transactions, according to the regulator.

Nine financial institutions, which applied for licenses at the end of 2015, received them back for finalization until March 1 due to the entry into force of new capital requirements for financial institutions and the disclosure of information about their ownership structure.

As UNIAN reported earlier, the NBU has tightened its control over activities of non-bank financial institutions performing currency exchange operations. The Central Bank increased the minimum capital requirements to UAH 20 million if the number of structural units does not exceed 100 booths. Any additional increase in their number by 50 units will require a UAH 5 million injection in capital.

In addition, non-bank exchange offices will have to be equipped with cash registers six months after the State Fiscal Service has introduced a state register of cash registers.

Moreover, non-bank currency exchange offices should post online information about currency exchange rates they set.

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