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Archive for September 6th, 2012

Parliament determines investment policy till 2032

Posted by the Editor on September 6, 2012


News / 6 September 2012 | 16:53

Parliament determines investment policy till 2032

Parliament determines investment policy till 2032

Today, the Verkhovna Rada of Ukraine has adopted the law “On promotion of investments in priority sectors of the economy of Ukraine in order to create new jobs” under the bill 11026 from 24.07.2012.

The relevant document has been published on the website of the Parliament.

The law defines grounds of the state policy in the sphere of investments during 2013-2032 on the promotion of investments in priority sectors of the economy.

The priority sectors of the economy, according to the bill 11026, include industries with implementation of the public policy on the development of production and export capacity and the creation of new jobs.

The investment project in priority sector of the economy is a project that is expected to be implemented at newly created or existing enterprise, where reconstruction or modernization will be carried out.

ForUm

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NBU: There are no reasons for panic buying up of foreign currency

Posted by the Editor on September 6, 2012


News / 6 September 2012 | 16:44

NBU: There are no reasons for panic buying up of foreign currency

NBU: There are no reasons for panic buying up of foreign currency

The National Bank will carefully analyze the speculative actions of certain bank in recent days, deputy head of the NBU Monetary Policy Department Oleksandr Arseniuk said during the teleconference “Situation in the currency and deposit markets: recent trends and forecasts for the future,” ForUm correspondent reported.
According to him, those actions were caused by artificial excitement around the hryvnia exchange rate. “We know that some of the banks, having received the long-term refinancing at the end of August, used a certain amount of the resources to buy the currency. However, the recipients of the refinancing and banks speculators are not the same structures,” he said.
 
Arseniuk added that the regulator is taking all possible measures to prevent such speculation in the future.
“However, it makes sense for citizens to gradually get used to a certain range of rates fluctuations. These fluctuations do not mean anything critical to the banking market and are not a cause for panic buying up of foreign currency,” the National Bank of Ukraine representative concluded.

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NBU knows when to hold intervention

Posted by the Editor on September 6, 2012


News / 6 September 2012 | 16:30

NBU knows when to hold intervention

NBU knows when to hold intervention

The National Bank of Ukraine maintains a presence in the foreign exchange market, director of the Department for Monetary Market Analyzing and Forecasting of the National Bank of Ukraine Serhiy Korablin said during a teleconference “Situation in the currency and deposit markets: recent trends and forecasts for the future,” ForUm correspondent reported.

However, according to him, the NBU holds intervention in the currency market not every day, only applications on the operation with currency of separate banks can come day after day.

“We hold interventions only if the market has serious negative expectations, especially that Ukraine has obligations under the memorandum with the IMF on a gradual shift to the flexible exchange rate based on current market factors,” he said adding that it is important that the daily deviation between the retail exchange rates and officially set level does not exceed 2%.

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NBU explains reasons for dollar and hryvnia rates fluctuations

Posted by the Editor on September 6, 2012


News / 6 September 2012 | 16:22

NBU explains reasons for dollar and hryvnia rates fluctuations

NBU explains reasons for dollar and hryvnia rates fluctuations

The National Bank of Ukraine explained what happened to the dollar and the hryvnia rates this week.
“It’s no secret that the NBU is criticized for its lack of long-term resource, and therefore the commercial banks have small opportunities to increase long-term loans to the real sector of the economy. After certain estimates and consultations, the NBU decided that the situation with inflation is normal and we can increase the credit resource up to one year,” director of the Department for Monetary Market Analyzing and Forecasting of the National Bank of Ukraine Serhiy Korablin said during a teleconference “Situation in the currency and deposit markets: recent trends and forecasts for the future,” ForUm correspondent reported.
The representative of the National Bank said that the first tender for refinancing was held on Friday. 3.8 billion UAH was granted. These funds were given to banks on Monday.
“On Tuesday, we saw that part of the funds was in the foreign exchange market already. We expected this, but of course, we would like to see all the money went into the real economy to increase the loan portfolio of the banking system. However, the part of the money was in the foreign exchange market, the dollar rate rose slightly,” he said.
Korablin noted that a similar situation was observed in July and August, but then nobody paid attention to that, perhaps because of Euro 2012 and vacations period.
“Then NBU was actively present in the market. This time we are not going to sit back also and we will enter the market. Foreign exchange and gold reserves exceed $ 30 billion, there is more than enough money to knock down possible excess demand and negative expectations … We must wait three or four days and I’m sure this excitement settles,” he said.

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Korablin: Banking system reduced its debts

Posted by the Editor on September 6, 2012


News / 6 September 2012 | 16:10

Korablin: Banking system reduced its debts

Korablin: Banking system reduced its debts

Due to the support of quite stable dynamics of the national currency, Ukraine has a successful reduction of some currency imbalances in the banking system, director of the Department for Monetary Market Analyzing and Forecasting of the National Bank of Ukraine Serhiy Korablin said during a teleconference “Situation in the currency and deposit markets: recent trends and forecasts for the future,” ForUm correspondent reported.

“Excess of the currency borrowings issued by banks before the events of 2008 amounted to 40 billion USD over currency deposits. For the last four years, this value decreased four-fold, and as of today, it numbers about 10 billion dollar, which is one of the indicators of increase in stability of the banking system. On the other hand, the inflow of currency and maintenance of debt borrowers of the banking system allowed to reduce its external debt obligations. For last 3.5 years, they decreased from 42 billion dollar to 24 billion dollar,” he said.

According to Korablin, this also shows the positive effects of currency regulations of the NBU and the dynamics of exchange rate of the national currency.

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NBU wants currency to enter market rhythmically

Posted by the Editor on September 6, 2012


News / 6 September 2012 | 15:52

NBU wants currency to enter market rhythmically

NBU wants currency to enter market rhythmically

The issue of mandatory disposal of private foreign currency earnings by exporters is a legislative issue, director of the Department for Monetary Market Analyzing and Forecasting of the National Bank of Ukraine Serhiy Korablin said during a teleconference “Situation in the currency and deposit markets: recent trends and forecasts for the future,” ForUm correspondent reported.

“However, personally I support this idea. The NBU should have the opportunity to flexibly react at the volume of earnings, which can be disposed in the foreign exchange market, depending on the foreign exchange market environment and balance of payments. We should not think that’s a wild way to strip either exporters or currency borrowers,” he said.

Korablin said that according to statistics, in Ukraine, 70-75% of foreign currency coming into the country from the outside is disposed in the interbank market. “For us it is important that the currency enters market rhythmically,” the NBU representative summed up.

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Parliament passed bill on prevention of discrimination in Ukraine

Posted by the Editor on September 6, 2012


News / 6 September 2012 | 15:29

Parliament passed bill on prevention of discrimination in Ukraine

Parliament passed bill on prevention of discrimination in Ukraine

The Verkhovna Rada established a framework to prevent and combat discrimination.
240 MPs voted in favor of the relevant bill.
The Parliament found that discrimination is decisions, actions or failures to act to limit or privilege with respect to a person or group of persons on the grounds of race, color, political, religious or other beliefs, sex, age, disability, ethnic or social origin, family and property status, place of residence, linguistic or other characteristics, if they make impossible recognition and implementation of equal rights and freedoms of man and citizen.
 
Direct discrimination, indirect, incite and oppression were defined as forms of discrimination.
Any form of discrimination against individuals or groups of individuals on their specific characteristics by state agencies, local governments, and businesses and individuals shall be prohibited.
The Verkhovna Rada of Ukraine, the Parliamentary Commissioner for Human Rights, the Cabinet of Ministers, other central and local authorities, NGOs, physical and legal entities shall prevent and combat discrimination.
Parliament established that a person, who believes that he is discriminated, has the right to file a complaint to the Ombudsman or the courts.
The bill also provides for the right of such a person to compensation for material and moral damage caused by discrimination.

 

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60 thousand policemen to protect public order on election day

Posted by the Editor on September 6, 2012


News / 6 September 2012 | 15:12

60 thousand policemen to protect public order on election day

60 thousand policemen to protect public order on election day

About 60.000 police officers will be on duty on election day, October 28, head of the Internal Ministry Department for Mass and Sports Activities Oleh Matveytsov told a briefing.
According to Matveytsov, in some regions the number of staff cannot provide the required number of people for the protection of public order at the polling stations, so the military students and community helpers will be involved in protecting public order.

According to him, with the start of the electoral process, the operational headquarters of the Internal Ministry and its regional departments work round the clock operations to colect and analyze information about the electoral process, as well as developing the necessary management decisions.
Police officers record and check all the reports on possible violations of the electoral law and take measures to react in accordance with the regulations of Ukraine, Matveytsov said.

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