NBU has found a new way to deal with currency speculators

The National Bank will not confirm bank’s request in the system of interbank market transactions confirmation in the presence of any facts that may indicate the bank’s attempt to do manipulations in the monetary market during the purchase and sale of foreign currency.

This is stated in the letter of the regulator to commercial banks dd. August 20, №28-311 / 46106 "On the possible manipulation of the money market," the text of which is available to the UNIAN.

Facts that may indicate manipulation in the monetary market during the purchase and sale of foreign currency, according to the National Bank, are: filing an application at the rate that is significantly different from the officially established one; presentation of an application with a large deviation from the bank’s average daily volume of transactions, calculated for the previous month; filing an application with a significant volume for the market and so on.

The regulator assigned the task of controlling banks to its department of control, methodology and licensing of foreign exchange transactions.

If any transaction with signs of manipulation is found, the said department in due course will require explanations and copies of documents from banks, and banks are required to provide them urgently by email.

The Department will review the documents within one business day after they are received, and in case of the negative result of such verification, the request of the bank will not be approved in the interbank system of transaction confirmation.