FOREIGN EXCHANGE TRANSACTIONS IN THE CONTEXT OF FOREIGN ECONOMIC ACTIVITY
DOI:
https://doi.org/10.31713/ve420206Keywords:
currency regulation, foreign economic activity, currency operations.Abstract
The publication is devoted to the study of trends in currency regulation in Ukraine. A detailed analysis of the peculiarities of currency regulation is carried out. The article focuses on the introduction of the new Law of Ukraine «On Currency and Currency Transactions», which was adopted to replace the Decree «On the system of currency regulation», provides a comparison of their main provisions. The key problems that affect the development of foreign exchange transactions are outlined. Based on the study, the authors suggest ways to improve the mechanism of currency regulation.For an effective and efficient mechanism for conducting foreign exchange transactions, it is necessary to amend the legal framework, it is also necessary to represent Ukraine in the international arena as a participant in foreign exchange transactions, strengthen the financial capacity of banks and make more accessible the system of international currency transfer. To overcome the inefficiency of the modern monetary and financial system of Ukraine, it is necessary to pay attention to the world experience of foreign exchange transactions.The areas of improvement of the mechanism of currency regulation include: reduction of the list of normative-legal acts of currency regulation and their concentration in a limited number of laws and resolutions; maintaining the liquidity of the banking sector at the level required for foreign exchange settlements; reducing the degree of dollarization by maintaining the stability of the national currency; abolition of mandatory sale of part of foreign exchange earnings of legal entities; strengthening control over the withdrawal of capital offshore; creation of attractive conditions for the population to keep currency in the banking system of Ukraine.References
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