The National Bank of Ukraine Equalizes Requirements for Assigning Cash Ratings to Safes Used by Banks and Non-Bank Financial Institutions
 
OREANDA-NEWS. The National Bank of Ukraine has equalized requirements for assigning cash ratings to safes used by banks and non-bank financial institutions operating in the currency exchange business. Amendments to this effect have been introduced by NBU Board Resolution No. 390, dated 4 October  2016  On Approval of Amendments to Some NBU Regulations.

"In an effort to promote greater transparency and accountability of the legal FX market, the NBU not only

tightens the requirements for financial institutions engaged in currency exchange activities but also maintains a continuous dialogue with such institutions. The amendments regarding safe cash ratings, which have been approved by the NBU, prove the efficiency of such a dialogue, as well as the willingness and ability of the regulator to identify the market's needs and promptly respond to them,” said Acting Deputy Governor Ms Kateryna Rozhkova.

The resolution will allow banks and non-bank financial institutions to increase the maximum amount of cash/or other valuables that can be stored  in safes or vaults with a respective resistance grade. The maximum amount of cash that banks and non-bank financial institutions will be allowed to store in  safes with resistance grade II will be increased up to 2,000 minimum wages from the current 1,000 minimum wages.