Exchange rates in Ukraine does not change

According to NBU, for I quarter 2010 financial institutions were able to earn foreign currency transactions of 337 million UAH., Or less than 10% of their commission income. This is less than that of the first quarter of last year, more than 5 times. Back then, “monetary” income of banks amounted to 1.8 billion UAH. Or more than 46% of total fees. Overall, in 2009 the Bank received from foreign currency operations 4.1 billion UAH., Or 25% of total commission income.

At the same time, market participants are referred to as other reasons for the reduction of income, than the stability of the hryvnia exchange rate against the dollar. According to participants, their earnings have decreased because of regulatory innovations.

“The main factors – the increase PF levied when buying foreign currency, as well as sufficiently stringent standards of the NBU in the amount of open foreign currency position,” – says Mr. Molodkin.

Indeed, since 2010 more than twice the fee was increased to the Pension Fund, levied when buying non-cash currency. This was due to the failure within the state budget for the current year. If in 2009 this collection amounted to 0,2% of the amount of currency purchased, then this year during the first five months – 0,5%. Note: the Law on State Budget-2010 provides complete abolition of the levy on 1 June. However, the new rules of calculation of currency positions, approved by the NBU in the spring of 2009, significantly restricted the ability of banks to buy foreign currency on its balance sheet for the implementation of speculative transactions.
Eurosceptics claim

Recently, domestic banks appeared prerequisites for earnings on the euro. As previously reported, the euro against the dollar (and, accordingly, the hryvnia) ranges from 1,21-1,26 USD / EUR. However, bankers can not yet boast of significant earnings. The reasons for this situation is called multiple. “Firstly, our own position on the euro in banks is much less than a dollar. Secondly, the euro is less than a dollar, is used in international payments. In this regard, the bank can not earn a lot of the exchange rate difference when buying foreign currency for customers. Third, the euro is difficult to predict, therefore, unlikely someone understands what it will be tomorrow, “- says Pavel Krapivin, first deputy chairman of the bank” Contract “(Kiev, since 1993, 130 people). . As is known, the total foreign exchange revenue banks receive from the sale and purchase transactions in the interbank currency for corporate clients, their own arbitrage operations within the limit of foreign exchange position, as well as from trading cash currency. This bank fees from the purchase of non-cash currency on behalf of clients are often determined individually, depending on the volume of operations. However, the average tariff is about 0,5% of transaction amount. Recall: in addition to commissions for buying and selling currencies client bankers traditionally earned on exchange. So, buying on behalf of the client’s currency on the interbank market for one course, they actually sell it for that client at a higher rate. This “currency” proceeds the financial institutions do not always depend on the volume of transactions. In this regard, revealing that the circulation of non-cash market in the I quarter of this year grew from month to month.

Read more: http://globalist.org.ua/eng/1443333-ukrainian-banks-cant-earn-on-the-difference-in-exchange-rates