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NBU Discusses with Postal Operators the Terms for Performing Currency Transactions and Money Transfers
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“Authorizing the postal operators to carry out currency exchange
transactions and money transfers is another step of the NBU to facilitate
easier access of nonbank institutions to the financial market. We started this process
in 2016, because we wanted Ukrainians to have broad access to financial
services, and we are interested in the cashless economy, in a competitive
environment, that will enable people to choose quality services in a more
convenient way. We are confident that this will make the financial market of
Ukraine more civilized and transparent,” said Kateryna
Rozhkova in her opening speech during the NBU meeting
with postal operators. The first meeting took place at the NBU on 5 February 2019 and was attended by 11 postal operators, although all market
players were invited to the event. At the meeting, the NBU was represented by First
Deputy Governor Kateryna Rozhkova,
Deputy Governor Sergii Kholod,
Directors of Licensing Department Oleksandr Bevz, Payment Systems and Innovative Development Department
Oleksandr Yablunivskyi,
Methodology Department Natalia Ivanenko, and
Statistics and Reporting Department Yurii Polovniov. Sergii Kholod said that the NBU was interested in
ensuring that citizens had the most convenient and fast access channels to
financial services. Therefore, the postal operators may be interested in
expanding their activities to rendering services of hryvnia transfer and
currency exchange. He also said that if the respective licenses are obtained,
the rules of operation on the payment market will
apply to postal operators. In particular, it concerns cash handling, oversight
and reporting requirements. Also, the attendees discussed the latest changes in the laws and NBU
regulations related to the entry into force of the Law of Ukraine On
Currency and Currency Operations, in particular: ● review of the money transfer market and NBU plans
to expand financial inclusion ● changes in the laws and NBU regulations, in particular,
regarding the right of postal operators to obtain a license for domestic
currency transfers and currency exchange transactions and transfers ● the basic requirements to be met by postal operators
in order to obtain licenses. Oleksandr Bevz described in detail
the licensing conditions and the basic requirements that postal operators would
have to comply with to obtain such licenses.
In particular, he mentioned the requirements to the ownership structure,
business reputation, financial standing, geographical
representation of postal operators wishing to engage in relevant activities. Please, be reminded that starting from 7 February 2019 the general public
will have the option to exchange foreign currency not only in banks and
exchange bureaus of nonbank financial institutions, but in post offices as
well. The NBU granted this option as part of transitioning to the new liberal
FX regulation system as provided for by the Law of Ukraine On
Currency and Currency Operations. Postal operators will be able also to
transfer funds in foreign currency. The respective NBU Board Resolution is approved on 2 January
2019 and will come into force together with the enactment of this law. Also, starting from the indicated
date postal operators will be authorized to conduct money transfers in domestic
currency. The respective NBU Board Resolution is approved on 29 January
2019 and will come into force together with the enactment of this law. |