With all banknotes without exception, except for those that are worn or damaged, currency exchange operations must be carried out, the National Bank stressed.
The National Bank of Ukraine responded to the refusal of banks and exchange offices to change “old” and worn banknotes. The NBU introduced improved control over currency exchange. For the violation, fines and bans on certain types of operations are issued, the press service of the regulator reports.
“The main position of the regulator is the following: in case of violation, such actions will be considered not only as non-compliance with the regulatory requirements of the NBU, but also as a potential sign of fraudulent activity,” the report said.
The maximum fine is:
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in banks – in the amount of up to 400 thousand hryvnias and it is planned to increase it for significant violations;
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in non-banking financial institutions – up to 5% of the institution’s equity capital.
The National Bank made changes to the regulatory framework, canceling the list of signs of minor wear of banknotes.
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“Foreign currency banknotes without exception, except for those that are significantly worn or damaged, must be subjected to the operation of the currency exchange. All foreign currency banknotes, the authenticity of which has been confirmed using counters and detectors, must be accepted for in the exchange. This does not include the influence of the “human factor” in the definition of the level of wear of the banknote,” the NBU stressed.
Thus, the regulator prohibited banks and non-banking institutions from refusing customers to exchange foreign currency, which, by design and security elements, fully correspond to the samples and description of foreign central bank, and whose authenticity is confirmed using the appropriate equipment.
With banknotes without signs of significant deterioration, collection operations should be carried out at the rates of banks and non-banking financial institutions. Banks and non-banking institutions that carry out such transactions must place at the cash desk in a place accessible to customers a clear list of signs of significant deterioration of banknotes, collection rates , the report said.
In addition, banks and non-banking institutions, when conducting foreign exchange transactions, are prohibited from setting restrictions on the denomination and year of issuance of foreign currency banknotes that are legal tender in the territory of corresponding foreign state.
The NBU emphasized that it did not set any restrictions on the year of issuance of foreign currency notes and their denomination. On the contrary, the regulations of the National Bank expressly prohibit banks and non-banking financial institutions from imposing any such restrictions.
Banks and non-banking financial institutions shall accept for collection only:
1) foreign currency notes that have acquired one or more signs of significant wear/damage during circulation:
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torn (cut) into pieces;
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with damaged design and protection elements (digital or text denomination designations, portrait images, optically interchangeable security elements, protective tapes have been removed);
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with altered original paper color and/or images;
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with local pollution (spots), including those visible in ultraviolet rays, the total area exceeding half of the area of the banknote;
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with general contaminants, including papers that cause luminescence in ultraviolet rays;
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burned, burnt, dilapidated (deteriorated due to prolonged exposure to moisture, various liquids, chemicals, or with signs of decay);
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has obvious typographical flaws;
2) banknotes withdrawn from circulation of a foreign state after the date announced by the issuing bank of the respective currency (subject to the permission of the correspondent bank of the respective state to replace these banknotes).
It will be remembered that recently Ukrainians have been complaining a lot that banks and exchange offices have set additional fees for accepting supposedly worn banknotes or banknotes of previous years of issue.
Earlier it was reported that last week the National Bank of Ukraine sold about $447 million and bought about $11 million.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.