NBU "squeezes out" of banks dollars

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The National Bank demands from banks to sell 1 billion dollars which accumulated on accounts of their clients to strengthen hryvnia. Such appeal of NBU is caused by that, despite its interventions, an interbank dollar rate started growing, having reached yesterday by the end of day of 8,04/8,2 hryvnias for dollar. Bankers say that can't force to sell currency of the clients subject to panic moods. They hope that NBU will be able to change a trend of weakening of hryvnia, having simplified repayment of the currency credits.

The National Bank letter to commercial banks #14-011/554-1729 in which the regulator cleared the new order of refinancing approved by resolutions #33 and #42 was for The Kommersant — Ukraine edition available. In the letter it is among other things specified that the National Bank will perform operations direct a repo (sales to the regulator of securities with the right of their obligatory repayment back - an edition) not earlier than in 30 calendar days after the previous operation was closed.

The signed document the acting head of NBU Anatoly Shapovalov emphasized that, according to article 1 of the law "About National Bank", the Central Bank "has the right, but isn't obliged" to credit banks, and suggested them to get rid of the dollars which have accumulated on their accounts. "During the last days the remains of means in a foreign currency on accounts of banks more than increased by 1 billion dollars, - is spoken in the letter. - At the same time the situation which developed on monetary - the credit market, in particular on its currency segment, is characterized by excess of demand for a foreign currency over the offer". Therefore NBU "suggests banks to carry out work with owners of currency means concerning their sale in the interbank market".

If "owners of currency means" don't hear arguments of banks, credit institutions are threatened by NBU sanctions."At significant increase in currency means on accounts and reduction of the offer of currency in the interbank market the National Bank won't consider the bank demand on carrying out operations a swap (a temporary exchange of assets or obligations, for example non-cash US dollar for hryvnia - the edition)",-were certified by Anatoly Shapovalov of the letter.

Bankers say that the National Bank in every way squeezes out of them dollars, trying to strengthen hryvnia. "It seems that I passed the period when NBU sated system with hryvnia, trying to rescue concrete banks from a default, and now the regulator is more anxious with achievement of the main objective - stability of hryvnia to the detriment of liquidity of system", - the treasurer of "Subsidiary bank of Sberbank of Russia" Dmitry Zolotko considers. "When someone addresses in National Bank for swaps, to it refuse, speaking: "Why you change dollars for hryvnia, you simply them sell", - the director of treasury of other large bank with the foreign capital emphasized.

Thus bankers declare that can't provide currency sale by clients. "It is money of the client how we will force it to sell currency? - the director of treasury of large Ukrainian bank speaks. - The National Bank doesn't give the reasoned messages on course strengthening but only squeezes liquidity the tools". The president Victor Yushchenko last Friday declared that on accounts nostro is 3,5 billion dollars of means of exporters.

While the measures of the regulator directed on strengthening of hryvnia, don't yield results. According to bankers, yesterday NBU sold about 100 million dollars at the rate of 7,79 hryvnias for dollar, but from - for appeared a panic which "is provoked by words of politicians", the dollar started growing. By data it is information - dealing UkrDealing.com system, the market opened quotations of 7,91/8,05 hryvnias for dollar and, having reached a maximum at 14:06 - 8,04/8,24 hryvnias for dollar, - was closed at the level of 8,04/8,20 hryvnias for dollar.

Experts expect from the regulator of more adequate measures which can change demand for currency from the population. As it became known, yesterday late at night NBU adopted the resolution "About Improvement of Work of Commercial Banks" in which it is provided that banks can sell to clients currency for early repayment of the credits at the underestimated course "according to the mutual arrangement". Thus penalties won't be imposed on banks. Also banks can prolong the credits till October 1, 2011 and not transfer these loans to the category "problem"."This document is capable to change sharply to the best the relations of banks and clients", - declared in NBU.

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