The president said he was vetoing the bill it duplicates existing rules, and does not provide a solution to the problems that currency borrowers are facing.

The bill was approved by the Ukrainian parliament in late December 2014. According to a statement on the Web site of the Verkhovna Rada, the president’s proposals on the bill were submitted to the parliament on January 13.

According to Poroshenko, the bill fails to provide solutions to the problems of borrowers who took out consumer loans from credit institutions in foreign currency, as it only clarifies the existing mechanism of a moratorium on the foreclosure of citizens’ property, but does not solve the problem of the repayment of foreign currency loans.

"Thus, the law, which is under consideration, in fact only postpones the problem of the repayment of foreign currency loans for an indefinite period, leaving the borrower alone with the problem of growing debt under the current circumstances," the president said.