The National Bank of Ukraine currently has no major obstacles to gradually ease the restrictions that were introduced at the beginning of the full-scale invasion. This opinion was expressed by economist Vasyl Povoroznyk in an exclusive commentary to UNN.
"At the moment, I don't see any major problems from gradual liberalization, from the abolition of restrictions imposed at the beginning of the war. This will solve some problems, in particular, with the conversion of foreign currency loans into the national currency, i.e. it is aimed at solving problems in the activities of individual enterprises, to revive economic activity," the economist said.
He noted that the ban on the conversion of foreign currency loans is primarily a problem for large businesses.
Povoroznyk believes that the NBU is now fully prepared and will be able to respond to any possible consequences of liberalization.
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It should be noted that, speaking to businesses, there have been increasing complaints lately that since the beginning of the full-scale invasion, the NBU has banned the conversion of foreign currency loans into hryvnia for businesses. Currency fluctuations have led to serious financial problems for many businesses. As a result, many entrepreneurs have found themselves in a situation where they cannot pay their obligations under foreign currency loans.
Experts in their comments to UNN notethat the NBU does not need to cancel the said ban, but should consider allowing the bank and the client to individually agree on the feasibility of converting a foreign currency loan into hryvnia. This will, among other things, reduce the risk of non-repayment of such loans.
One of the representatives of Ukrainian business who have a foreign currency loanthat has been in place since 2006 is the owners of the Gulliver shopping center in Kyiv. By the way, at the time of the loan, the company that received the loan had other owners.
Currency fluctuations led to the current owners of Gulliver being forced to restructure their debt in 2020. However, it was not possible to convert the entire loan into hryvnia.