National Bank of Ukraine
| Headquarters | Kiev , Ukraine |
| founding | May 1, 1991 |
| president | Yakiv Smoliy |
| country | the Ukraine |
| currency | |
| ISO 4217 | UAH |
| Currency reserves | US $ 21.9 billion (December 1, 2019) |
| Base loan rate | 11.0% (January 31, 2020) |
| Website | |
| predecessor |
Ukrainian Republican Bank (State Bank of the USSR) |
| List of central banks | |
National Bank of Ukraine also NBU ( Ukrainian Національний банк України, "НБУ" ) is the central bank of Ukraine . The National Bank of Ukraine is a legal entity under Ukrainian law with its seat in Kiev , whose direct owner is the State of Ukraine. The National Bank of Ukraine operates on the basis of the Ukrainian Constitution ( Art. 99 ) and the special law on the National Bank of Ukraine .
Legal situation
The Constitution of Ukraine and the Law on the National Bank of Ukraine regulate the legal status and organization of the National Bank of Ukraine, its area of responsibility and the execution of these functions.
The National Bank is a legal person under Ukrainian law. Your assets are an object of state property rights and are in full economic control of the bank. The share capital of the National Bank amounts to 10 million hryvnia (approx. 1.6 million EUR) and is fully owned by Ukraine. The share capital is intended to secure the National Bank's liabilities.
The National Bank of Ukraine is the central bank of the state and a higher administrative authority at the same time, which is responsible for supervision and regulation in the banking sector of the country. You have the sole right to issue banknotes .
history
The banking system of independent Ukraine, and with it the national bank of the country, came into being in 1991 as a result of the disintegration of the Soviet banking system. The legal basis for this was the Banking Act of Ukraine passed by the Verkhovna Rada on March 20, 1991 . The law came into force on May 1, 1991 and abolished the state's banking monopoly. A banking system with two levels was created - the private commercial banks and a state central bank with supervisory and regulatory functions.
At the same time, the then Ukrainian SSR took over the ownership rights over the Ukrainian Republican Bank of the State Bank of the USSR (representative of the Soviet Central Bank in Kiev ) and the subsidiary banks of the three other state-owned credit institutions of the Soviet Union - the Industrial and Investment Bank of the USSR ( Prominvestbank SSSR ), the Savings Bank of the USSR ( Sberbank SSSR ) and the Foreign Trade Bank of the USSR ( Wneschekonombank SSSR ).
The Verkhovna Rada also decreed the establishment of the National Bank of Ukraine on the basis of the Ukrainian Republican Bank of the State Bank of the USSR and commissioned the Council of Ministers, the Government of the Republic, and the bank itself to draw up the statutes and procure the share capital for the National Bank of Ukraine.
The National Bank's statutes were approved by the Verkhovna Rada on October 7, 1991 and are still in force today.
In March 2014 gave the IMF the gold reserves of Ukraine at 42.3 tons.
The Ukrainian central bank was considered a spearhead of reforms in the country after the Revolution of Dignity . Around half of the banking institutions in Ukraine were closed after 2014 because they had been used as "vacuum cleaners" by oligarchs. Internally, the central bank cut two thirds of its workforce.
The boss Valerija Hontareva resigned in April 2017 after death threats. The institution was led on an interim basis by its deputy Jakіw Smolіj , who was confirmed as its successor on March 15, 2018.
tasks
Constitutional mandate
Стаття 99. Грошовою одиницею України є гривня. Забезпечення стабільності грошової одиниці є основною функцією центрального банку грошовоїнал Укрального -.
Article 99. The monetary unit of Ukraine is the hryvnia . Ensuring the stability of the monetary unit is the main function of the central bank of the state - the National Bank of Ukraine.
Thus, the Ukrainian constitution stipulates the main task of the National Bank to ensure the stability of the national currency, the hryvnia . Section 6 (1) of the Law on the National Bank of Ukraine repeats this task as the main function of the National Bank and supplements it in Section 6 (2) by stating that the National Bank should ensure the stability of the banking system and the price level in order to fulfill its main function .
Other functions
A detailed catalog of other functions of the National Bank of Ukraine can be found in Section 7 of the Law on the National Bank of Ukraine.
The most important ones include:
- Implementation of monetary policy in accordance with the principles and guidelines of monetary policy to be adopted annually by the National Bank Council
- Monopoly right to issue the Ukrainian national currency and organize its circulation
- Granting of last resort loans to the country's commercial banks and organization of the refinancing system
- Establishing the rules for conducting banking transactions , for the accounting of the banks, for the protection of banking information and assets
- Regulation of payment transactions
- Banking supervision and regulation
- Maintaining the central banking register of the country and issuing general licenses for bankers and special licenses for carrying out certain banking transactions
- Certification of the auditors , liquidators and insolvency administrators of the banks
- Establishing, analyzing and forecasting the country's balance of payments
- Representing Ukraine vis-à-vis the central banks of other countries and international financial institutions
- Implementation of exchange rate policy and regulation of the country's foreign exchange market
- Safekeeping, replenishment and management of the country's gold and foreign exchange reserves
Organizational structure
The bodies of the National Bank of Ukraine include the Council of the National Bank and the Board of Directors of the National Bank, which is headed by the President of the National Bank. The bank has regional offices in all of the 24 Ukrainian oblasts as well as in the Autonomous Republic of Crimea , the cities of Kiev and Sevastopol .
National Bank Council
The National Bank's Council is the bank's most important collegiate body. The council consists of 14 members, each half appointed by the President of Ukraine and the Verkhovna Rada for a term of seven years. The President of the National Bank is elected by the Verkhovna Rada on the proposal of the President of Ukraine and is a member of the Council by virtue of his office. He is considered a member of parliament (the Verkhovna Rada actually appoints 6 members of the council and the bank president). The President of the National Bank remains a member of the Council as long as he exercises the office of Bank President.
Any Ukrainian citizen who has a university degree or a scientific degree in economics or finance and has sufficient experience in legislative or executive bodies or in management positions in the banking industry or at a research and teaching institution can be appointed to the council in the fields of economics and finance (e.g. a professorship at a university).
The President of Ukraine and the Verkhovna Rada have the right to cast suspicion on the Council of the National Bank. If this happens, the two institutions are obliged to revoke their appointments and to appoint new members to the council. The revocation does not affect those members who have been in office for less than 12 months since their appointment.
The council meets at least once a quarter and has a quorum with 10 members present. The meetings are held by the Council President, elected by the members of the Council for a three-year term. Resolutions are passed with an absolute majority of votes, each member has one vote.
One of the most important competencies of the Council is the annual adoption of the principles and guidelines of the monetary policy of the National Bank of Ukraine.
President of the National Bank
| president | Term of office |
|---|---|
| Volodymyr Matviyenko | June 6, 1991 - March 24, 1992 |
| Wadym Hetman | March 24, 1992 - January 26, 1993 |
| Viktor Yushchenko | January 26, 1993 - December 22, 1999 |
| Volodymyr Stelmach | January 21, 2000 - December 17, 2002 |
| Serhiy Tihipko | December 17, 2002 - December 16, 2004 |
| Volodymyr Stelmach | December 16, 2004 - December 23, 2010 |
| Serhiy Arbusov | December 23, 2010 - December 24, 2012 |
| Ihor Sorkin | January 11, 2013 - February 24, 2014 |
| Stepan Kubiw | February 24, 2014 - June 19, 2014 |
| Valeria Hontareva | June 19, 2014 –14. March 2018 |
| Yakiv Smoliy | since March 15, 2018 |
Web links
- http://www.bank.gov.ua (English)
Individual evidence
- ^ Official website of the National Bank , accessed on January 23, 2018
- ↑ [1] . NBU. Accessed December 1, 2019 (English)
- ↑ [2] . Base lending rate of the National Bank of Ukraine
- ↑ WORLD OFFICIAL GOLD HOLDINGS - International Financial Statistics, February 2014
- ↑ NZZ, January 20, 2018, page 42
- ^ Ukrainian central bank chief resigns , FAZ, April 10, 2017
Coordinates: 50 ° 26 ′ 50 ″ N , 30 ° 31 ′ 52 ″ E