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National Bank warns 10 largest players in cash FX exchange market to continue enhanced supervision
KYIV. Aug 15 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) held a meeting with the heads and key owners of the ten largest participants in the cash foreign exchange market and warned that it would continue to exercise enhanced supervision over this segment of the financial services market, in particular by conducting unscheduled on-site inspections.
"The parties discussed topical issues of the activities of nonbank financial institutions under martial law and the specifics of compliance with the updated regulatory framework," the NBU website said last week.
According to the regulator, in a constructive dialogue, the meeting participants discussed the steps of the market and the regulator aimed at stabilizing the situation in the cash segment of the foreign exchange market, as well as ensuring the protection of the rights of consumers of financial services.
"The regulator emphasized to market participants the need to comply with the requirements of the National Bank’s regulations and prevent speculation," the central bank said.
Market players will present their constructive proposals regarding a legislative initiative to introduce an advance payment of approximately UAH 20,000 from each exchanger.
"To ensure transparent activities of nonbank financial institutions in the cash segment of the foreign exchange market and promptly respond to possible challenges and threats, the active dialogue between the regulator and the market will continue," the National Bank said.
According to the press release, the meeting was held with the participation of members of the board of the NBU and its relevant departments.
