The Committee of Verkhovna Rada of Ukraine on Finance and Banking at a meeting on November 19, 2008 examined the situation concerning commission charges imposed by some commercial banks for selling currency in exchange offices.

By the consideration results, the Committee of Verkhovna Rada of Ukraine on Finance and Banking states:

The commercial banks which impose commission charges for transactions of selling currency do it absolutely illegally and groundlessly. The banks’ expenses for these transactions have not changed, and the exchange rate margin on buying-selling currency transactions set by the National Bank of Ukraine fully ensures their profitability. Consequently, banks’ introduction of commission is nothing but money grabbing at a time difficult for people.

Not even amazement but indignation is evoked by the National Bank’s position, which blankly watches the irresponsible actions of commercial banks, let alone that the NBU officials’ statements about alleged legitimacy and appropriateness of commission charges for selling foreign currency encourages the banks to money grabbing.

The National Bank’s failed policy of this year apparently benefits only currency speculators. But for people it means double losses in their savings: firstly, due to hryvnia revaluation, then because of its steep devaluation. But people are not to pay for banks’ miscalculations and problems!

The Committee of Verkhovna Rada of Ukraine insists that the National Bank of Ukraine stopped immediately illegal actions of commercial banks. Otherwise the parliamentary profile committee will initiate increase, according to the situation, in the obligatory charges to Pension Fund from transactions of selling foreign currency.

Member of Parliament, Head of the VRU Committee on Finance and Banking Mykola Azarov’s Press Service