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 National Bank Explains Why It Lobbies Currency Tax Bill

A tax on the sale of foreign currency is aimed primarily at combating speculation in the cash currency market, says the head of the NBU’s Committee for the Prevention of unscrupulous currency transactions Yuriy Horshkov in an interview posted on the Bank’s official page.

"The introduction of the tax, the Pension Fund commission is primarily focused on operations of converting foreign currency into the hryvnia. That is the main reason for the introduction and the main idea of this levy - to prevent speculative buying and selling of foreign currency. The operation is primarily aimed at ensuring that the currency is bought by people for their natural needs in traveling abroad, to pay for imported goods and services but in no case is it aimed at unbalancing the situation," he said.

Horshkov noted that both the market and people are tired of the constant swaying of the foreign exchange market by certain players who benefit from it.

"Bankers say that the people and the market are tired of speculation, it cannot last forever because it washes away our money, washes away our reserves, the reserves of the country just because somebody wants to receive super profits profit. This is not a normal situation, and we'll deal with it," assured Horshkov.

According to him, it is the necessity to ensure stability in the currency market and rid of speculation is the main reason for the Bank creating the Committee for the Prevention of unscrupulous currency transactions

"The main reason why the National Bank decided to establish such a committee and to intervene more actively in the situation that there is at the moment in the foreign exchange market, the panic created by unscrupulous market participants which are called speculators already passed a certain limit when this can be regulated by some less strict methods," said Yuriy Horshkov.

 
 
 
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