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Archive for November 21st, 2012

NBU welcomes initiative on 15% currency exchange duty to be sent to Pension Fund

Posted by the Editor on November 21, 2012


News / 21 November 2012 | 17:19

NBU welcomes initiative on 15% currency exchange duty to be sent to Pension Fund

NBU welcomes initiative on 15% currency exchange duty to be sent to Pension Fund

National bank of Ukraine supports the initiative of parliamentary committee on finances, providing for introduction of duty to be sent to Pension Fund in the amount of 15% of currency exchange deal.

In particular, deputy NBU head Valery Prokhorenko told the roundtable that this initiative will help to reduce shadow turnover of currency in Ukraine and will enable to reduce illegal incomes from currency exchange operations.

In case of adoption, this initiative will become another incentive to legalize salaries, as it is not a secret that a big part of salaries is paid in foreign currency under the table.

“People should understand that these 15% will go for their pensions,” he said and added that similar practice is executed in many countries. The average rate varies from 5 to 20%.

According to Prokhorenko, the given draft bill also specifies circumstances when individuals do not have to pay this duty.

ForUm

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CEC registered other 65 MPs

Posted by the Editor on November 21, 2012


News / 21 November 2012 | 16:58

CEC registered other 65 MPs

CEC registered other 65 MPs

The Central Election Commission has registered other 65 MPs elected at the parliamentary elections on October 28. The corresponding decision was taken at the CEC meeting.
In particular, the CEC registered seven deputies elected on the party list of the Party of Regions and 17 elected on the party list of the All-Ukrainian Union “Fatherland” (Batkivshchyna).
In addition, the CEC registered 41 MPs elected in single-member constituencies, including 21 deputies from the Party of Regions, 11 from “Fatherland”, 8 self-nominated candidates and 1 from the party “United Center.”
Thus, as of November 21, the CEC registered 167 out of 450 MPs.

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NBU: Situation with dollar whipped up artificially

Posted by the Editor on November 21, 2012


News / 21 November 2012 | 16:46

NBU: Situation with dollar whipped up artificially

NBU: Situation with dollar whipped up artificially

The situation in Ukraine with the U.S. dollar exchange rate was whipped up artificially, chairman of the NBU’s committee for the prevention of dishonest foreign exchange operations Yuriy Horshkov said in a statement posted on the central bank’s web site.
“The main reason why the National Bank decided to establish the Committee for the prevention of dishonest foreign exchange operations and to intervene more actively in the foreign exchange market is that the panic created by unscrupulous market participants, who are called speculators, has already passed a certain limit, when it could be regulated by more soft methods. The situation with the dollar was whipped up artificially,” Horshkov said.
According to him, there is a number of people that are eager to receive extra profits from this situation, that is why thay involved the whole population of the country in a currency pyramid.
He also accused the media of raising panic around the situation by publishing pessimistic forecasts related to exchange rate. Horshkov said the NBU is striving to make it possible to carry out all of currency operations at banks. The official also called on Ukrainians to use cards for payments abroad, as the NBU is actively considering the possibility of introducing restrictions on sums of cash payments. 

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Azarov, Boiko go to Moscow

Posted by the Editor on November 21, 2012


News / 21 November 2012 | 16:38

Azarov, Boiko go to Moscow

Azarov, Boiko go to Moscow

Ukrainian Prime Minister Mykola Azarov has left for a working visit to Moscow, the Cabinet’s press service informs.
In Moscow Azarov will meet with Russian PM Dmitri Medvedev of the Russian.
The Prime Minister will also participate in a working lunch with Medvedev, where the Ukrainian party will be also represented by Extraordinary and Plenipotentiary Ambassador of Ukraine to Russia Volodynyr Yelchenko, energy and coal industry minister Yuri Boiko, deputy economic development and trade minister Oleksandr Pinsky, and chairman of the Naftogaz of Ukraine Yevhen Bakulin.
The Russian party will be represented by Russian PM Dmitri Medvedev, deputy economic development minister Andrei Klepach, deputy energy minister Pavel Fedorov and CEO of the Gazprom Alexey Miller.
Tonight Azarov will return to Kyiv.

 

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NBU: 15 percent tax on currency exchange not to affect hryvnia rate

Posted by the Editor on November 21, 2012


News / 21 November 2012 | 16:31

NBU: 15 percent tax on currency exchange not to affect hryvnia rate

NBU: 15 percent tax on currency exchange not to affect hryvnia rate

The idea to introduce a 15 percent tax on currency exchange is aimed to stop the panic in the market of cash payments, chairman of the NBU’s Committee for the prevention of dishonest foreign exchange operations Yuriy Horshkov said in a statement posted on the central bank’s web site.
At the same time, Horshkov noted that the 15-percent tax cannot cause an improvement in exchange by the same percentage. 
According to him, the introduction of this tax tightens a responsibility for the currency exchange under the old rules. 
He also added that the tax will be collected only from cash payments, because this segment, rather than the interbank market, is put to the panic.

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Zablocki: Ukrainians buy about 12 billion dollar annually

Posted by the Editor on November 21, 2012


News / 21 November 2012 | 16:22

Zablocki: Ukrainians buy about 12 billion dollar annually

Zablocki: Ukrainians buy about 12 billion dollar annually

Due to the permanent panic of the population about the exchange rate, there are many speculations in Ukraine, head of the Erste Bank Economic Research department Marian Zablocki said during a round table discussion “The ideal exchange rate: expert brainstorming,” ForUm correspondent reports.
“Some of them are political speculations. For example, the opposition always likes to tell the worst truth. Recently the opposition said the government was preparing a hyperinflation. This related to the fact that Ukraine adopted new accounting standards as in the EU. And a normal political culture stipulates that such matters should not be used for speculations,” he said.
In addition, Zablocki added that no country in the world has such a turnover of foreign exchange cash as in Ukraine. According to him, the Ukrainians buy about 12 billion dollar annually.

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Expert: Banks should equilibrate currency in a new way

Posted by the Editor on November 21, 2012


News / 21 November 2012 | 16:15

Expert: Banks should equilibrate currency in a new way

Expert: Banks should equilibrate currency in a new way

The new equilibrium level of foreign exchange rate should be fixed in Ukraine, executive director of the International Fund of Blazer Oleg Usenko said during a round table “The ideal exchange rates: expert brainstorming”, ForUm correspondent reports.

“For the last 20 years, the exchange rate has been interpreted as a political, rather than economic component. This is a significant limiter. I guess the right strategy is a bit to devalue the hryvnia and constantly watch over such important indicators, such as the bank portfolio, calculations, etc.

There is also a need to find a new equilibrium line, lock onto it and try to play according to the new rules. For example, to build new currency corridor,” he suggested.

At the same time, he said, it’s not the most optimal solution just to keep course, not paying attention to other economic indicators.

“The initial problem to be solved, it is to feed the population, to give impetus to the economy, to enable the economy to grow,” the economist summed up.

 

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Banks want to introduce floating hryvnia rate

Posted by the Editor on November 21, 2012


News / 21 November 2012 | 16:05

Banks want to introduce floating hryvnia rate

Banks want to introduce floating hryvnia rate

Eurobond distribution by the government is a measure of the market to support the hryvnia rate, head of analysis and research department of Raiffeisen Bank Aval Dmytro Solohub told a round table “The ideal exchange rate: expert brainstorming,” ForUm correspondent reports.
“Today, 80-90% of the population holds savings in foreign currency. Many people receive salaries in foreign currency. Savings amount to 50-70 billion dollars, and this is a serious issue of state security,” Solohub said.
According to the analyst, there is no single solution of this issue, but we can hear more often talks on introduction of a regime of floating exchange rates. This is what should happen. If we access the situation of international organizations and take into account the statement of the National Bank of Ukraine, than everyone understands that there are no economic benefits of fixed exchange rate regime now,” he said
“We must continue to hold the exchange rate under the main administrative measures. Market-based measures are also used today,” he added.
The analyst said that the transition to more flexible exchange rate regime should occur when there is no high devaluation pressure on the currency. According to him, this transition is not difficult technically. 

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