OREANDA-NEWS. On 30 March 2009 was announced, that the NBU sent the letters to the commercial banks stating that the presidents of the commercial banks are responsible for the exchange rate set in the currency exchange transactions, held by the banks. Namely, the exchange rate is to be close to the exchange rate set by the NBU (calculated weighted average), while the exchange rate spreads should not increase over time.

Millennium Capital sees the news to be POSITIVE, since it affects the exchange rate stabilization without the additional spending from NBU’s international reserves. Millennium Capital considers that this decision may really affect the exchange rate policy of the commercial banks, since, according to the law “On banks and banking”, the NBU is entitled to apply sanctions on the banks if they fail to execute its resolutions. Additionally, Millennium Capital expects that the news will mainly affect the activity of the small and medium size banks, since they were the major initiators of the hryvnia devaluation recently.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.