Each currency exchange booth should be equipped with a cash register / Photo from dt.ua
The National Bank of Ukraine (NBU) is planning to toughen the rules for non-banking institutions whose core business is foreign currency exchange, according to a posting on the NBU's website.
"In the past two years, the National Bank of Ukraine hasn't issued any new license for foreign currency exchange. This is a very complicated market which may directly influence the financial stability in the country. Recently, we've seen many cases of abuse related to the gray or black market of foreign currency, fraud and alike. Therefore we plan to regulate a number of issues related to the rules for such institutions by the end of the year," the NBU quoted First Deputy Governor Oleksandr Pysaruk as saying.
In his words, the regulator plans to step up requirements for capital of such non-banking institutions, the transparency of their structure, owners' business reputation as well. The central bank also pays much attention to enhancing security of currency exchange booths and their clients, therefore requirements for premises, protection of tellers' offices and safes will become stricter. What is more, each currency exchange booth should be equipped with a cash register.
"These are the next steps to be taken by the NBU to ensure the transparency and stability of the financial system of Ukraine. We see a considerable improvement in the issue of banks' transparency and will apply this experience to adjacent markets," Pysaruk said.
Nowadays, four non-banking institutions are engaged in forex operations in Ukraine, their network numbers about 1,850 outlets.