Loans in foreign currency should be prohibited

31.01.2011 20:03
Banks may refuse to lend again in foreign currency. This was reported in the Association of Ukrainian banks with reference to the first deputy head of the NBU Yuri Kolobov. This position of the National Bank official said at the meeting with the Association of Ukrainian Banks - President of AUB Alexander Sugonyako and first vice-president Vladimir Bondar.

"In particular, during the meeting Yuri Kolobov reaffirmed the principled position of the NBU on the need to ban foreign currency lending to households, which is fully supported by AUB," - said in a statement.

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The discussion was also ascertained the general views of association and the regulator regarding the objectives of monetary and monetary policy (containment within certain limits, the hryvnia exchange rate and inflation), the need to strengthen efforts to ensure the rights of creditors, as well as dedolarizatsii economy and bank liabilities.

"Also, he (Kolobov) informed that in connection with an existing problem for the banks through the presence of significant liabilities in foreign currency, National Bank is now being developed mechanisms for solving this problem through swap operations with the participation of National Bank of Ukraine", - said AUB.

During the meeting they also discussed the urgent issues concerning the future III and IV banking groups in the context of the planned Parliament in second reading consideration of the bill № 0884 "On amendments to some laws of Ukraine (regarding regulation of banks)."

Recall currency crediting of physical persons were forbidden to so-called "crisis management" by the law number 1533 of June 23, 2009 ("On amending some laws of Ukraine to overcome the negative effects of the financial crisis"). According to the document, such a ban is in force until January 1, 2011

Beginning in 2011, several banks have already announced that starting loans to individuals in foreign currency. In particular, the subsidiary bank Sberbank of Russia began issuing car loans and housing in the Russian rubles. The interest rate on ruble loans are lower than for the hryvnia. Some banks have announced the launch of credit programs in the U.S..
Content tags: Mortgages
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