NBU puts foreign investments under compulsory currency sale rule - Business - News - Ukraine Business Online:
"USUBC: “This latest move by the NBU, which effectively means that 50% of any investment dollar entering the country is immediately co-opted to support the hryvnia, is an FDI-killer and will mean more of the economy moves back into the shadows,” said USUBC President Morgan Williams.
KYIV, Oct 18, 2013 (UBO) - The National Bank of Ukraine (NBU) stated on October 17 that its recent foreign currency regulation tightening that involves a 50% mandatory foreign currency sale applies to foreign investments wired to Ukraine, Concorde Capital told its clients in an online advisory today.
Concorde analyst Alexander Paraschiy added: “The compulsory sale of foreign investment is a symbolic step, indicating a readiness for drastic measures. For sure, the NBU's main target was the funds that local oligarchs return to the country as FDI. However, there are still numerous real foreign investors operating in Ukraine and this won't inspire optimism in them. In our opinion, the tightening will not solve the imbalance at the forex market anyway; instead, it will repel investors even more.”"
'via Blog this'
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