OREANDA-NEWS. On October 9, 2014, the National Bank of Ukraine carried out the first of the two foreign exchange interventions announced during the meeting between the senior management team of the central bank and the senior managers of the largest Ukrainian banks that took place on October 8, 2014. In order to satisfy the bids for the purchase of foreign exchange earmarked for the cash departments of banks, the regulator sold USD 99 million at the fixed rate of 12.93 UAH = 1 USD. As a result of the foreign exchange intervention, 80% of the demand for foreign exchange from banks has been met. Overall, 54 banks were able to purchase foreign exchange.

In order to ensure greater participation of banks in the auctions, the National Bank of Ukraine has streamlined the rules and procedures of the auction. With a view to meeting the demand for foreign exchange from the market to a greater extent, the regulator has provided an opportunity to participate in the interventions even for those banks with regard to which limits have not been set, as long as they set aside funds in the account at the National Bank of Ukraine one day prior to the intervention.

According to First Deputy Governor of the National Bank of Ukraine Oleksandr Pysaruk, the National Bank of Ukraine will exercise close control over the availability of foreign exchange in the cash departments of banks that purchase foreign exchange through auctions. In view of the results of the test purchase of foreign exchange by the Governor of the National Bank of Ukraine and mass media representatives, the regulator is set to carry out inspections of how banks sell foreign exchange. As part of its routine surveillance activities, the National Bank of Ukraine will examine complaints from citizens and other evidence confirming violation of the terms and conditions of auctions and interventions and impose administrative sanctions against these banks.