Among the hottest contemporary problem highlighted issues related to the present state and prospects of the national currency regulations, measures and policy instruments by which not only fail to prevent the deployment of new crisis processes, but also help strengthen public and foreign exchange situation in the country. Strict foreign exchange control system is the most severe obstacle to international trade, which can stop and slow down the development of many fields of international trade, which would otherwise have been available to companies of Ukraine.
In Ukraine, foreign exchange regulation on the basis of the existing Decree of the Cabinet of Ministers "On Currency Regulation and Currency Control" adopted in 1993. This legal act is central to the regulation of foreign exchange operations in Ukraine. In particular, it defines terminology, order of foreign exchange transactions and the role of the National Bank of Ukraine in the sphere of currency regulation. This Decree is based numerous regulations that define the monetary policy of Ukraine.
Problematic is that in Ukraine currency control wielded not primarily regulatory and restrictive and prohibitive tools. These include:
• modes of bank accounts, limiting the disposition of funds;
• Limited deadlines for payments for goods and services in export and import operations;
• mandatory sale of foreign exchange earnings;
• detailed rules for the purchase of foreign currency, requiring in each case study needs to purchase;
• establishing a daily limit for purchase by individuals of cash foreign currency restrictions on the export of currency outside Ukraine;
• the need to obtain individual licenses for individual foreign exchange transactions (including investments from Ukraine, opening accounts abroad and their placements).
The decree also states exhaustive list of transactions that require or do not require an individual license NBU for their implementation. However, this list of operations does not include every possible situation, and often operations, are not precisely defined in the Decree, it is impossible to introduce in Ukraine from this rather simple reason that neither the National Bank or commercial banks can not be sufficiently confident about the possibility of operation with foreign currency, if the operation is not precisely defined in the Decree.
You can offer these solutions to these problems:
1) Full view currency control rules, the abolition of any foreign exchange restrictions and converting the national currency into hard foreign currencies wing politicians currency exchange rate to ensure predictable exchange rate dynamics depending on the balance of payments and to avoid the significant fluctuations, the use of foreign exchange reserves to ensure flexibility of monetary policy and enhance its effectiveness in ensuring the stability of the national currency. This approach is consistent with the practice and experience of the EU, under which control is not subject to payments in foreign currency and most international transactions. It also includes the strengthening of Ukrainian currency against foreign currencies.
2) gradual amendments to Ukraine currency regulation by the law on currency control, which provide for solving problems outlined above.
The above problems do not constitute an exhaustive list of problems caused by hard and quite restrictive currency controls Ukraine. Clear and simple enough public administration in general and exchange control, particularly useful for potential investors both domestic and foreign, helping to attract new investment and increase existing ones. Therefore, to solve the problems of currency regulation in Ukraine possible solution is considered especially monetary policies of foreign countries and changes in currency regulation Ukraine based on their experience.
References:
1. Dzyublyuk A. Implementation Problems of monetary policy in the transformation mation changes in the economy Ukraine / O. Dzyublyuk // Journal of the European economy. - 2009 - Vol 5 S.317-326
2. Zavalna ZV, Currency Law of Ukraine: Teach. guidances. / ZH.V. Zavalna, M.V.Starynskyy - Sumy: SHS "University Book", 2009. - 384 p.
3. The current monetary policy and especially its implementation in Ukraine. / Science. Ed. V.Yurchyshyn. - Kyiv: Testament, 2016. - 120 p.
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