On October 8, 2014, the National Bank of Ukraine hosted a regular meeting between the senior management team of the central bank and the senior managers of the largest Ukrainian banks. The meeting participants put forward a number of proposals to improve regulation of the money and foreign exchange market, exchanged views on practical aspects of the implementation of temporary restrictive measures imposed by the National Bank in the foreign exchange market. The meeting was attended by representatives of the Ministry of Internal Affairs of Ukraine, the Security Service of Ukraine, the State Service of Financial Monitoring of Ukraine and the State Fiscal Service of Ukraine. 

First Deputy Governor of the National Bank of Ukraine Oleksandr Pysaruk has informed the meeting attendees that the National Bank is to carry out two foreign exchange interventions this week. "We have analyzed the weaknesses of the previous foreign exchange auction and this week we are to conduct two foreign exchange interventions, which are intended to sell foreign exchange to meet the demands of clients for foreign exchange and provide the cash departments of banks with foreign exchange," said Oleksandr Pysaruk. In view of the heightened demand for foreign exchange from the public in the cash segment of the foreign exchange market, on October 9, 2014, the National Bank is to intervene in the foreign exchange market by selling USD 100 million earmarked for the cash departments of banks. On October 10, 2014, the central bank is to sell USD 200 million to satisfy banks' bids for the purchase of foreign exchange required to meet the demands of banks' clients. The National Bank has streamlined the procedure for performing foreign exchange transactions to ensure greater involvement of banks in these transactions. At the same time, Oleksandr Pysaruk reassured the meeting attendees that the funds provided to banks would be subject to control by the regulator. The central bank would exercise control over the availability of foreign exchange in the cash departments of banks.

Representatives of law enforcement bodies urged the senior managers of banks to tighten control over illicit financial transactions as a prompt response to such illegal activities would enhance confidence in the banking sector. They also pointed to greater information exchange between the National Bank and law enforcement bodies.  Law enforcement officials cited vivid examples of how illicit transactions can be traced and identified easily. The bankers expressed their readiness to expand cooperation on counteraction to illicit financial transactions with law enforcement bodies and the National Bank of Ukraine.

The senior managers of banks also put forward concrete proposals on how to improve the operation of the foreign exchange market, in particular, by expanding the list of foreign currencies offered in an auction and including transactions in euro. They also raised issues related to counteraction to the concealment of foreign proceeds by exporters abroad.

Wrapping up the meeting, Oleksandr Pysaruk reassured the meeting participants: "The National Bank is always ready to discuss pressing issues in an open manner and, if required, amend the legal framework. We are prepared to change the rules of the road if it helps the economy operate efficiently, but we expect the market players to strictly abide by the rules in these turbulent times for our country".