The Law of Ukraine on the National Bank of Ukraine icon

The Law of Ukraine on the National Bank of Ukraine




Скачати 130.77 Kb.
НазваThe Law of Ukraine on the National Bank of Ukraine
Сторінка3/4
Дата26.08.2012
Розмір130.77 Kb.
ТипДокументи
1   2   3   4

3.the decision to increase the reserve norms shall become effective not earlier than in 10 days after its publication.


Article 27. Interest Rates


The National Bank shall establish the procedure of determining the discount rate and other interest rates for its transactions.


Article 28. Management of the Gold and Currency Reserves


The National Bank shall provide for the management of the gold and currency reserves of the state by effecting currency

intervention by means of the purchase and sale of the currency values in currency markets in order to influence the exchange

rate of the national currency with regard to foreign currencies, as well as the total demand for and supply of money in Ukraine.


Article 29. Open Market Transactions


The purchase/sale of treasury notes, own liabilities of the National Bank (deposit certificates), as well as the commercial bills of

exchange designated by the Board of the National Bank, other securities and debt liabilities shall be the open market

transactions of the National Bank.


Article 30. Capital Import and Export Regulation


According to Ukraine's legislation on the foreign economic business and the system of the currency regulation and currency

control, the National Bank shall regulate the import and export of the capital.


Article 31. Funds of the State Budget of Ukraine


The Cabinet of Ministers of Ukraine shall be obliged to keep the funds of the State Budget of Ukraine and those of the

extra-budgetary funds with the National Bank on accounts of the State Treasury of Ukraine.


The conditions and procedures of servicing the funds of the State Budget of Ukraine shall be determined by an agreement

between the National Bank and the State Treasury of Ukraine.


^ SECTION V. MANAGEMENT OF THE CASH TURNOVER


Article 32. Monetary Unit


The monetary unit of Ukraine shall be hryvnia equivalent to 100 kopecks.


The issue and circulation of other monetary units and the use of monetary substitutes as a tender in the territory of Ukraine shall

be prohibited.


No official ratio between hryvnia and gold or other precious metals shall be established.


Article 33. Powers of the National Bank with regard to Organizing the Cash Turnover


In order to organize the cash turnover, the National Bank shall provide for:


1.manufacturing and storing the bank notes and coins;

2.establishing the reserve stocks of bank notes and coins;

3.setting the face-values, protection systems, payment indications and the design of bank notes;

4.establishing the procedure of the replacement of damaged bank notes and coins;

5.establishing the rules of the issue to the circulation, storage, transportation, withdrawal and collection of the cash;

6.establishing the procedure of effecting cash transactions for banks, other financial and credit institutions, enterprises and

organizations;

7.setting the requirements towards the technical condition and the organization of the protection of premises of banking

institutions.


Article 34. Emission


The exclusive right of the issue (emission) of hryvnia and small change, the organization of the turnover thereof and their

withdrawal from the turnover shall be vested in the National Bank. The cash shall circulate in the form of paper bank notes and

metal coins. The total amount of the issued bank notes and coins shall be indicated in the liabilities side of the National Bank's

accounts.


Bank notes and coins shall be unconditional liabilities of the National Bank and guaranteed by all its assets.


Article 35. Circulation of Bank Notes and Coins


The hryvnia (bank notes and coins) as the national currency shall be the only legal tender on the territory of Ukraine; it shall be

accepted by all natural persons and legal entities without any limitation on the whole territory of Ukraine for all modes of

payment, as well as for crediting the accounts, deposits, letters of credit and for the transfers.


Article 36. Hryvnia Exchange Rate


The National Bank shall establish and publish the official exchange rate of hryvnia to the foreign currencies.


In order to regulate the exchange rate of hryvnia to foreign currencies, the National Bank shall use the gold and currency

reserve, purchase and sell securities, establish and change the refinancing rate and utilize other instruments of regulating the

circulating monetary mass.


Article 37. Convertibility of Hryvnia


The conditions and the procedure of conversion (exchange) of hryvnia for the foreign currency shall be established by the

National Bank in accordance with currency regulation laws of Ukraine.


The National Bank may not restrict the rights of the members of the currency market to effect transactions with the foreign

currency guaranteed to them by the law.


Article 38. Procedure of the Replacement of Worn-Out and Damaged Bank Notes and Coins


The worn-out and damaged bank notes of Ukraine shall be accepted and exchanged free of charge for the new bank notes by

the National Bank and commercial banks of Ukraine without any limitation of the amount and term of such a replacement.


The specific features and the procedure of determining the validity of the bank notes, as well as the procedure of the exchange

of the worn-out and damaged bank notes shall be established by the National Bank.


Article 39. Withdrawal of Bank Notes and Coins from Circulation


The National Bank, commercial banks of Ukraine shall be obliged to withdraw the counterfeit, faked and invalid bank notes

and coins.


The procedure of withdrawing such bank notes shall be established by the National Bank and regulated by relevant regulatory

acts.


The National Bank and commercial banks shall not be obliged to reimburse for the destroyed, lost, counterfeit, faked and

invalid bank notes and coins.


The National Bank shall officially notify of the withdrawal of bank notes and coins of Ukraine from the circulation through the

mass media.


The manufacture of counterfeit bank notes for the purposes of their issue into the circulation or their issue into the circulation

shall carry the penalty according to the legislation of Ukraine.


^ SECTION VI. ORGANISATION OF SETTLEMENTS AND ACCOUNTING


Article 40. Regulation of Settlements


The National Bank shall establish rules, forms and standards of settlements of the banks, other legal entities and natural

persons in the economic turnover of Ukraine by using both paper and electronic documents and cash, co-ordinate the

organization of settlements, issue permits to effect clearing transactions and settlements by means of electronic documents.


The National Bank shall ensure the implementation of inter-bank settlements via its institutions, grant permits to effect the

inter-bank transactions by means of direct correspondent relations of commercial banks and their own payment systems.


Article 41. Regulation of Accounting


The National Bank shall establish standards and rules of accounting and reporting complying with requirements of the

legislation of Ukraine and mandatory for the banks and other financial and credit institutions.


^ SECTION VII. TRANSACTIONS OF THE NATIONAL BANK


Article 42. Types of National Bank's Transactions


In order to carry out its functions, the National Bank shall effect the following transactions:


1.granting credits to commercial banks and other financial and credit institutions to maintain the liquidity at the rate not

lower than the refinancing rate of the National Bank and in accordance with the procedure specified by the National

Bank;

2.granting credits to the Guarantee Fund for natural persons’ deposits under collateral in securities at the rate not lower

than the inflation index for the term of 5 years; (Part 1 of Article 42 is supplemented with p.2 in accordance with Law N

2740-111 (2740-14) of 20.09.2001)


3.effecting discount transactions with bills of exchange and cheques according to the procedure specified by the National

Bank;

4.purchasing and selling securities on the secondary market according to the procedure provided for by the legislation of

Ukraine;

5.opening own correspondent and metal accounts with foreign banks and keep accounts of the correspondent banks;

6.purchasing and selling the currency values for the purposes of the monetary regulation;

7.keeping the banking metals, as well as purchasing and selling banking metals, precious stones and other jewels,

memorable and investment precious-metal coins on the domestic and foreign markets without quotas and licensing;

8.placing the gold and currency reserves independently or through banks authorized by the National Bank to effect

currency transactions, effecting transactions with gold and currency reserves of Ukraine with the banks, whose rating

according to the classification of the international rating agencies complies with requirements to the first-class banks of

not lower than category A;

9.accepting for keeping and management of the state securities and other values;

10.issuing guarantees and sureties according to the regulations approved by the Council of the National Bank;

11.keeping the account of the State Treasury of Ukraine free of charge and without charging the interest;

12.effecting transactions related to the service of the state debt, those related to the floatation of the state securities, their

repayment and the payment of the revenues thereunder;

13.keeping personal accounts of employees of the National Bank;

14.keeping accounts of international organizations;

15.effecting the indisputable withdrawal of funds from accounts of its clients according to the legislation of Ukraine on the

basis of a court's decision.


The National Bank shall also be entitled to effect other transactions required to ensure the performance of its functions.


Article 43. Participation in International Organizations


The National Bank shall be entitled to take part in the formation of capital and activities of international organizations under

international treaties, to which Ukraine is a party, as well as according to agreements between the National Bank and foreign

central banks.


^ SECTION VIII. ACTIVITIES OF THE NATIONAL BANK WITH REGARD TO TRANSACTIONS WITH

CURRENCY VALUES


Article 44. Powers in the Field of the Currency Regulation


The National Bank shall act as an authorized state body in the course of the enforcement of the laws of Ukraine on the

currency regulation and currency control.


The following issues shall fall within the competence of the National Bank in the field of the currency regulation:


1.issue of regulations on the currency transactions;

2.issue of regulations on the currency transactions;

3.setting of limits of the open currency position for banks and other institutions involved in the purchase and sale of the

foreign currency.


Article 45. Organization of the Currency Market


The National Bank shall determine the structure of the currency market of Ukraine and organize the trade in currency values

thereon according to the laws of Ukraine on the currency regulation.


Article 46. Discount Monetary Policy and Currency Exchange Policy


The National Bank shall pursue the discount monetary policy and the currency exchange policy and apply the currency

restrictions, if necessary.


The National Bank shall pursue the discount monetary policy by altering the discount rate of the National Bank to regulate the

flow of capital and to balance the payment liabilities, as well as to adjust the exchange rate of Ukraine's monetary unit to the

foreign currencies.


The National Bank shall pursue the currency exchange policy on the basis of the regulation of the exchange rate of Ukraine's

monetary unit to the foreign currencies by means of the purchase and sale of the foreign currency on financial markets.


Article 47. Structure of the Gold and Currency Reserve


To ensure the internal and external stability of Ukraine's monetary unit, the National Bank shall have the gold and currency

reserve comprising the following assets:

- banking gold;

- special drawing rights;

- reserve position with IMF;

- foreign currency in bank notes and coins or funds on accounts abroad;

- securities (except for shares) paid in the foreign currency;

- any internationally recognized reserve assets, provided that their reliability and liquidity is ensured.


Article 48. Replenishment and Utilization of the Gold and Currency Reserve


The gold and currency reserves shall be replenished by the National Bank by means of:


1.purchase of the banking gold and the foreign currency;

2.obtainment of revenues from transactions with foreign currencies, banking metals and other internationally recognized

reserve assets;

3.acceptance of currency funds from international financial organizations, foreign central banks and other creditors by the

National Bank.


The gold and currency reserve shall be utilized by the National Bank for the following purposes:


1.sale of the currency on financial markets to pursue the monetary policy, including the exchange rate policy;

2.expenses under transactions with foreign currency, monetary metals and other internationally recognize d reserve assets.


The utilization of the gold and currency reserves for granting credits guarantees and other liabilities to residents and

non-residents of Ukraine shall be prohibited.


Article 49. Custody of the Gold and Currency Reserve


The National Bank of Ukraine shall be the sole custodian of the national gold and currency reserve, as well as of precious

metals, stones and jewelry owned by the state.


Article 50. Off-Sales Currency Revenues and Losses


The revenues and losses of the National Bank related to the re-evaluation of assets and liabilities represented in the form of the

banking gold and foreign currency, special drawing rights, due to changes in the foreign currencies exchange rate and the price

for gold, shall be taken into consideration and set off as follows:


1.net currency revenues and losses shall be offset against a corresponding amount on a special reserve account of the

re-evaluation of currency reserves on the balance sheet of the National Bank;

2.the specified net revenues and losses shall not be taken into consideration, when calculating the annual income of the

National Bank.


^ SECTION IX. RELATIONS WITH THE PRESIDENT OF UKRAINE, THE SUPREME COUNCIL OF

UKRAINE AND THE CABINET OF MINISTERS OF UKRAINE


Article 51. Accountability


The National Bank shall be accountable to the President of Ukraine and the Supreme Council of Ukraine within their

constitutional powers.


The accountability shall mean the following:


1.the appointment and dismissal of the Governor of the National Bank by the Supreme Council of Ukraine subject to the

submission by the President of Ukraine;

2.the appointment and dismissal of the Governor of the National Bank by the Supreme Council of Ukraine subject to the

submission by the President of Ukraine;

3.the appointment and dismissal of the half of the complement of the Council of the National Bank by the Supreme

Council of Ukraine;

4.the report of the Governor of the National Bank to the Supreme Council- of Ukraine on the activities of the National

Bank;

5.the provision of the information on the status of the national monetary and credit market to the President of Ukraine and

the Supreme Council of Ukraine twice a year.


Article 52. Relations with the Cabinet of Ministers of Ukraine


The National Bank and the Cabinet of Ministers of Ukraine shall hold reciprocal consultations on the issues of the monetary

policy, the development and implementation of the National Economic and Social Development Programme.


Upon request of the Cabinet of Ministers of Ukraine, the National Bank shall provide the information as regards the monetary

processes.


Upon request of the National Bank, the Cabinet of Ministers of Ukraine, ministries and other central executive bodies shall

provide the information affecting the status of the balance of payments


The National Bank shall support the economic policy of the Cabinet of Ministers of Ukraine, unless it contradicts to ensuring

the stability of the monetary unit of Ukraine.


The Governor of the National Bank or, upon his instruction, one of the Deputy Governors may take part in sessions of the

Cabinet of Ministers of Ukraine with the deliberative vote.


In sessions of the Board of the National Bank, members of the Cabinet of Ministers of Ukraine may take part with the

deliberative vote.


Article 53. Non-Interference Guarantees


Any interference of the legislative and executive bodies or their officials in the exercise of functions and powers of the Council

of the National Bank or the Board of the National Bank other than in limits specified hereby shall be prohibited.


Article 54. Granting of Credits to the State


The National Bank shall be prohibited from granting direct credits both in the national, and in the foreign currency to finance

the expenses of the State Budget of Ukraine.


^ SECTION X. BANKING REGULATION AND BANKING SUPERVISION


Article 55. Objective and Sphere of the Banking Supervision


The major objective of the banking regulation and supervision shall be the security and financial stability of the banking system,

protection of interests of depositors and creditors


The National Bank shall exercise the functions of the banking regulation and the supervision over the business of banks, as well

as other financial and credit institutions within the limits and according to the procedure provided for by the legislation of

Ukraine.


The National Bank shall exercise the permanent supervision of the compliance of banks and other financial and credit institution

with the banking legislation, regulations of the National Bank and the economic norms.


Article 56. Regulations of the National Bank


The National Bank shall issue regulations on the issues falling within its competence, which shall be mandatory for the

governmental and self-administration bodies, banks, enterprises, organizations and institutions irrespective of the ownership

forms, as well as for natural persons.


The regulations of the National Bank shall be issued in the form of resolutions of the Board of the National Bank, as well as in

the form of instructions, statutes, and rules to be approved by regulations of the Board of the National Bank They may not

contradict to laws and other legislative acts of Ukraine or be retroactive, unless they alleviate or cancel the responsibility under

the law.


The regulations of the National Bank shall be subject to the mandatory state registration with the Ministry of Justice of Ukraine

and come into effect in accordance with the legislation of Ukraine.


The regulations of the National Bank may be appealed against according to the legislation of Ukraine. .


Article 57. Access to Information


To exercise its functions, the National Bank shall be entitled to obtain free of charge the information from the banks and other

financial and credit institutions about their business pursuant to the granted license and explanations with regard to the obtained

information and effected transactions.


For the preparation of the banking and financial statistical data, the analysis of the economic situation, the National Bank shall

be entitled to obtain the necessary information from the governmental and self-administration bodies and businesses of all
1   2   3   4

Схожі:

The Law of Ukraine on the National Bank of Ukraine iconVeremchuk D. V. Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine Boyarko I. M

The Law of Ukraine on the National Bank of Ukraine iconBoard of the national bank of ukraine

The Law of Ukraine on the National Bank of Ukraine iconUkrainian Academy of Banking of National Bank of Ukraine, Sumy

The Law of Ukraine on the National Bank of Ukraine iconUkrainian Academy of Banking of National Bank of Ukraine, Sumy

The Law of Ukraine on the National Bank of Ukraine iconІ. А. Bokun ukrainian Academy of Banking of the National Bank of Ukraine frames and scripts

The Law of Ukraine on the National Bank of Ukraine iconCorporate governance regulation in banks in the context of crisis: the role of the national bank of ukraine

The Law of Ukraine on the National Bank of Ukraine iconThe Ministry of Education and Sciences of Ukraine National Academy of Sciences of Ukraine Main Department of Civil Service of Ukraine

The Law of Ukraine on the National Bank of Ukraine iconCharitable Fund «Alfred Nobel Planet» (Ukraine) Dnipropetrovsk University of Economics and Law (Ukraine) International Nobel Info Center (Russia)
«alfred nobel planet» in Dnepropetrovsk University of Economics and Law to commemorate the world intellectual elite – nobel laureates....
The Law of Ukraine on the National Bank of Ukraine iconNas ukraine kyiv Law University ukraine

The Law of Ukraine on the National Bank of Ukraine iconMinistry of education, youth and sports of ukraine national university “odessa academy of law” Department of Germanic and Romanic languages

Додайте кнопку на своєму сайті:
Документи


База даних захищена авторським правом ©zavantag.com 2000-2013
При копіюванні матеріалу обов'язкове зазначення активного посилання відкритою для індексації.
звернутися до адміністрації
Документи