National Bank of Ukraine
Hryvnia
Http://www.bank.gov.ua
Ukrainian Republican Bank ( State Bank of the USSR) Industry and Investment Bank of the USSR ( Prominvestbank SSSR ) Savings Bank of the USSR ( Sberbank SSSR ) Bank for Foreign Trade of the USSR ( Vnesheconombank SSSR )
National Bank of Ukraine also NBU (Ukrainian Національний банк України, НБУ ) is the central Reserve Bank of Ukraine. The National Bank of Ukraine is a legal entity under Ukrainian law, based in Kiev, is the immediate owner of the State Ukraine. The National Bank of Ukraine carries out its activities on the basis of the Ukrainian Constitution (Article 99 ) and the special law on the National Bank of Ukraine.
- 4.1 Council of the National Bank
- 4.2 President of the National Bank
Legal position
Legal status and organization of the National Bank of Ukraine, their powers and the execution of these tasks regulate the Constitution of Ukraine and the Law on the National Bank of Ukraine.
The National Bank is a legal entity under Ukrainian law. Your wealth is an object of state property rights and is fully in economic disposal of the Bank. The share capital of the National Bank is 10 million hryvnia (approx. EUR 1.6 million) and is in full ownership of Ukraine. The share capital is determined to secure the liabilities of the National Bank.
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 shall have the sole right to issue bank notes.
History
The banking system of independent Ukraine, and thus the National Bank of the country was built in 1991 as a result of the disintegration of the Soviet banking system. Legal Basis for this was that adopted by the Verkhovna Rada on 20 March 1991 Bank Law of Ukraine. The law took effect on 1 May 1991, force and picked up the banking monopoly of the state. It created a banking system with two levels - the private commercial banks and a state central bank, and supervisory and regulatory functions.
At the same time still took over Ukrainian SSR, the property rights of 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 other three state-owned banks in the Soviet Union - the Industry and Investment Bank of the USSR ( Prominvestbank SSSR ), the Savings Bank the USSR ( Sberbank SSSR ) and the Bank for Foreign Trade of the USSR ( Vnesheconombank SSSR ).
The Rada decreed on the basis of the Ukrainian Republican Bank of the State Bank of the USSR to build the National Bank of Ukraine and instructed the Council of Ministers, the Government of the Republic, and the bank itself with the drafting of the Constitution and procurement of capital stock for the National Bank of Ukraine.
The Statute of the National Bank was approved by the Verkhovna Rada on 7 October 1991 and is valid until today.
Tasks
Constitutional mandate
Стаття 99 Грошовою одиницею України є гривня. Забезпечення стабільності грошової одиниці є основною функцією центрального банку держави - Національного банку України.
Article 99 monetary unit of Ukraine is 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 establishes as the main task of the National Bank ensuring the stability of the national currency, the hryvnia. § 6 paragraph 1 of the Act on the National Bank of Ukraine repeat this task as a main function of the National Bank and adds in § 6 section 2 by noting that the National Bank is to ensure the stability of the banking system and the price level to fulfill their main function.
Other functions
A detailed catalog of other functions of the National Bank of Ukraine can be found in § 7 of the Act on the National Bank of Ukraine.
Among the most important are here:
- Implementation of monetary policy in accordance with the adoption by the Council of the National Bank annually principles and guidelines of the monetary policy
- Monopoly right to issue the Ukrainian national currency and organization of its circulation
- Granting of loans of last resort for commercial banks in the country and organization of the funding system
- Down the rules for the conduct of banking, accounting of the banks, for the protection of bank information and assets
- Regulation of payment services
- Bank supervision and regulation
- Leadership of the central bank register of the country and award the general licenses for bankers and Special Licenses to carry out certain banking transactions
- Certification of auditors, liquidators and insolvency of the banks
- Preparation, analysis and forecast of the balance of payments
- Representation of Ukraine in respect of the central banks of other countries and international financial institutions
- Implementation of exchange rate policy and regulation of the foreign exchange market of the country
- Storage, stockpiling and management of gold and foreign exchange reserves of the country
Organizational structure
The bodies of the National Bank of Ukraine belong Council of the National Bank and Chairman of the National Bank, which is chaired by the President of the National Bank. The Bank maintains regional offices in all the 24 Ukrainian oblasts and the Autonomous Republic of Crimea, cities of Kiev and Sevastopol.
Council of the National Bank
The Council of the National Bank is the most important collegial body of the Bank. The Council consists of 14 members who are appointed by the President of Ukraine and the Verkhovna Rada of seven years each in half. The President of the National Bank shall be elected by the Verkhovna Rada on the proposal of the President of Ukraine and part of the Council to his office. He is regarded as appointed by the Member of Parliament (the Rada appoints actually six members of the Council as well as the bank president). The President of the National Bank will remain a member of the Council so long as he acts as the bank president.
For a member of the Council may be appointed every Ukrainian citizen who has a university degree or a scientific degree in economics or finance, and have enough experience in institutions of the legislature or the executive or in managerial positions in the banking industry or at a research and educational institution in the fields of economy and finances (eg, a professor at a university ).
The President of Ukraine and the Verkhovna Rada have the Council of the National Bank say the right distrust. When this happens, the two institutions are obliged to revoke their appointments and to occupy the new Council. However, the revocation does not apply to those members who hold office since their appointment, less than 12 months.
The Council shall meet at least quarterly and shall constitute a quorum with 10 members present. The meetings of the leads chosen by the members of the Council for three years President of the Council. Resolutions shall be passed by an absolute majority of votes, each member has one vote.
Among the most important powers of the Council include the annual adoption of the principles and guidelines of the monetary policy of the National Bank of Ukraine.