The National Bank of Ukraine (NBU) has decided to expand access to crediting in foreign currency, mitigating requirements on making reserves on loans taken for the production of goods, the prices of which are to be regulated by the state.
The decision is stipulated in NBU resolution No. 170 of May 31, 2011, a copy of which has been sent to Interfax-Ukraine. The document was registered in the Justice Ministry and took effect from the moment of its official publication.
The central bank adjusted its requirement on the formation of reserves to cover possible losses on credit transactions of banks (resolution No. 279 of July 6, 2000), equaling reserve requirements on crediting in foreign currency for producers of goods, the prices of which are to be regulated by the state, and who have income in foreign currency.
"The bank calculates the reserve for credits in foreign currency issued to borrower companies with reserve coefficients of 2%, 7%, 25%, 60% and 100%, depending on the category of each transaction, without assessment of the sources of income in foreign currency if the credit is issued to produce goods and services regulated by the state, and at tariffs approved at least once a month, taking into account the official hryvnia exchange rate," the document says.
As reported, the NBU increased reserve coefficients for credit transactions in foreign currency for borrowers who do not have sources of income in foreign currency, to 50-100% to minimize the impact of the financial and economic crisis of 2008.
