You're reading: Yanukovych orders government, NBU to minimize negative influence of global markets

The government and the National Bank of Ukraine will draft within a week an agreed action plan to prevent negative consequences resulting from the unstable situation on the global financial markets, which, in particular, will be aimed at reducing the dollarization of the economy, ensuring import substitution and increasing the attractiveness of non-cash payments.

According to a respective instruction by the president, which was given on Friday and posted on his official Web site, the National Bank of Ukraine should study by September 1 the expediency of improving the regulations on foreign exchange transactions in order to prevent abuses on Ukraine’s foreign exchange market.

According to the document, over this period, the central bank should make a decision on taking a number of measures to stimulate lending to the real sector of the economy by banks.

The president also instructed the State Commission on Securities and the Stock Market to introduce amendments to the regulatory framework, if necessary, in order to prevent the destabilization of the domestic stock market due to the situation on the world markets.