The National Bank may cancel guarantees for foreign currency deposits?

The attempt of the NBU to stimulate citizens to exchange previously purchased dollars back into hryvnia under threat of tax on foreign exchange transactions has failed.

Therefore, the National Bank decided to use a more sophisticated way to discourage people to buy dollars and euros, writes the Forbes.

Officials are considering the withdrawal of foreign currency deposits of natural persons from the state guarantees.

"We discuss the various options. One of them is to increase the amount of the guarantees for hryvnia deposits to 250 thousand hryvnias and simultaneously reduce compensation for dollar deposits" – said the publication’s source in the National Bank.

According to him, it is possible that foreign currency deposits will be temporarily put under zero state guarantees.

"I have heard about this initiative, but I do not support it," – said a member of the supervisory board of the Ukrainian Credit-Banking Union Yaroslav Kolesnik.

According to the first vice-president of the Association of Ukrainian Banks Volodymyr Bondar, the plan has been worked out long ago.

"There was this idea, they also discussed the possibility of introducing compulsory conversion of interest on dollar deposits in hryvnia," – said Bondar.

The initiative has again become relevant in light of the sharp reduction in the inflow of foreign exchange.

"There can be only one way out – to cancel guarantees for deposits" – says the economist Oleksandr Okhrimenko.

The Fund of Deposit Guarantee now guarantees deposits up to 200 thousand hryvnias regardless of currency.

The exception is the deposits in precious metals. In the Fund they do not confirm that there is a plan to cancel the guarantee for foreign currency deposits.

"I have never heard of such an idea," – said the deputy managing director of the fund Andriy Olenchyk.

In his opinion, such innovations can be taken only by amending the law "On the system of guaranteeing deposits of individuals."

However, according to a source in the National Bank, the regulator can adopt the innovation by the decision of the administrative board of the fund, which by law has the right to set the amount of government guarantees on deposits.

The Press Service of the National Bank commented on that information:

"The issue of withdrawal natural persons’ deposits in foreign currency from the state guarantees is not being considered, since there are no objective economic conditions for such measures."

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