NEW LAW ON CURRENCY: WHETHER DEREGULATION IS HELD?
Journal Title: Науковий вісник Херсонського державного університету. Серія «Юридичні науки» - Year 2018, Vol 1, Issue 5
Abstract
The article deals with the main innovations of the Law of Ukraine “On Currency and Currency Transactions”. The law has also been investigated through the prism of the currently existing restrictions: restriction on the amount of currency transfer across borders, limit terms for payments for export and import of goods, mandatory sale of foreign currency, restriction on capital movements, limits on currency transactions and individual licenses. On the basis of made analysis, the main restrictions of the new legislation are identified. The authors sure, that more than a half of existing restrictions will maintain after the Law of Ukraine “On Currency and Currency Transactions” will come into force. Moreover, therefore mentioned Law contains 12th article, which gives the National Bank of Ukraine sufficiently wide powers to introduce restrictive measures in the currency market. These wide powers of the National Bank of Ukraine can be used in the presence of signs of unstable financial condition of the banking system, deterioration of the balance of payments of Ukraine, the emergence of circumstances threatening the stability of the banking and (or) financial system of the state. It is intended to note that the provisions of the Law on the introduction and termination of protection measures are very vague. The authors conclude, that the Law of Ukraine “On Currency and Currency Transactions” is not as simple as it is stated in the explanatory note to it. The law does not really contain a perfect mechanism for deregulation of currency relations, as stated by the lawmaker. On the other hand, the Law contains a large number of blanket norms, which give full control over the currency market to the hands of the National Bank of Ukraine. In our opinion, in 2019, it is necessary to wait for the adoption of a large number of resolutions of the Board of the National Bank of Ukraine, so the topic needs further disclosure after the entry into force of new by-law regulation.
Authors and Affiliations
М. Є. Кисельов, К. А. Затулко
Keywords
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