OREANDA-NEWS. September 27, 2011. The market will gain much due to the introduction by the National Bank of the changes into the rules of performance of foreign exchange operations. It was stated in the comments to  ForUm of Yurii Gulkevych, the director of the Treasury Department, Kreditprombank, reported the press-centre of Kreditprombank.

"These changes were introduced as the National Bank understands that it is impossible to manage the foreign currency cash market by the way of prohibitions. The administrative restrictions raise panic at the market. The market should be managed using market mechanisms. Such point of view of the regulator is appreciated and accepted by the actors of the market", - notes Gulkevych.

According to him, the NBU’s resolution No.278 "Amendments to the Instruction on procedure of organization and performance of the foreign exchange operations in the territory of Ukraine" contains two key moments. First, the maximum possible amount for sale of the foreign currency to one individual through the cash department of the bank during one day increases from UAH 80 K to UAH 150 K. The reduction of the administrative restriction on sale and purchase of foreign currency will be considered by the market as a positive signal.

Second, the introduction of the mandatory identification of the customer when purchasing and/or selling foreign currency in amount up to UAH 50 K. This innovation "does not restrict the rights of the individuals to purchase foreign currency and does not constitute any negative factor". "Both changes will influence the foreign exchange market positively", – supposes Gulkevych.

New rules of foreign exchange operations will not affect the population’s demand for foreign currency in cash. "The population’s wish to buy or sell foreign currency does not depend on administrative restrictions in the market", - notes the banker.

The director of Treasury Department of Kreditprombank Y. Gulkevych assures that the resolution No.278 will not demand considerable efforts from the banks in order to change the technical support procedures for foreign exchange operations. "Till mentioned date (23 September) the bank will introduce all the necessary changes into software", - he promised.