National Bank increases mandatory currency sales to 100%, from 50%
Journal Staff Report
KIEV, Aug. 20 – The National Bank of Ukraine, effective August 21, 2014, has upped the ceiling limit to 100% from 50% for the mandatory sale of receipts of companies and private entrepreneurs in foreign currency on the Ukrainian interbank forex market.
This is stipulated in NBU resolution No. 515 dated August 20 on the regulation of the situation on the forex market, which will be in effect until November 21, 2014.
The document also retains a clause under which payments for exports or imports of commodities should be effected within 90 days.
http://www.ukrainianjournal.com/index.php?w=article&id=19027
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Guessing the National Bank of Ukraine is the reserve bank.
Do not understand 'mandatory sale of receipts' part.
Not really clear on any of this. This is a look-up job. LOL
Didn't know that you can sell what you're owed on stock market, if that's what this is.
The foreign currency part would mean that they really *want* foreign currency - so that's where the mandatory fits in, I guess.
