National Bank boosts efforts to establish a mechanism for currency swaps

According to the «i», National Bank boosts efforts to establish a mechanism for currency swaps - the possibilities for banks to convert foreign currency holdings of the hryvnia by the central bank. According to some experts, the emergence of currency swaps will increase the monetization of the economy and lower interest rates. Others believe that the currency swaps with improper management can become a basis for speculation on the course. Carrying out the operation svopirovaniya, National Bank temporarily acquires currency from banks so that they were able to lend more in local currency. Upon the expiry of the swap, the reverse exchange - NBU returns to the bank currency, and the man - the hryvnia. "With the ban on foreign currency loans to private individuals and business entities that have no foreign exchange earnings - swaps a much needed mechanism for banks - said chairman of the board of Ukrsotsbank Boris Tymonkin. - Work on his appearance - a step to restore lending to the economy as swaps allow banks (primarily foreign capital. - Auth.) Convert the information available to them in exchange resource for loans. In addition, banks will resume attracting foreign exchange resources from abroad. " The first step is to run the National Bank of swaps has already been made - it's canceling PF operations with the purchase of non-cash currency. The next steps involve the creation of mechanisms for the protection of the National Bank of currency risk in swap transactions. The fact that the widespread use of derivatives in a crisis can also lead to aggravation of the situation on the foreign exchange market. As an example, according to many experts, the catalyst of the global financial crisis made such derivative financial instruments such as CDS (credit default swap - credit default swaps). To avoid manipulation of the currency swaps, the NBU is planning to start this mechanism only with the market of currency derivatives. The fact that the declaration of a floating exchange rate regime made by the NBU does not imply that the fixation rate of currency exchange operations. That is, the NBU should not and can not take on currency risk by guaranteeing bank to return the currency at the same rate at which it was adopted by the bank. Therefore, the rate of return operations should be regulated market forward contracts. As conceived by the National Bank, forward and futures markets should capitalize on the stock exchanges. "We see an opportunity to provide the SEC a license to conduct foreign exchange transactions in futures contracts, which will be supported by real agreement on deliveries of goods or services. Such contracts will deposit and loan agreements as well as import and export contracts. It is planned to establish a minimum threshold of entry into this market, which will be expressed in the amount of the contract "- said« i »a senior source in the National Bank. According to him, the NBU intends to introduce tougher restrictions to prevent market speculators, who can manipulate prices by means of circuit operation (sham contracts). Recall that repeated attempts to enter the market, such tools have already been made. In 2003, a Ukrainian exchange system was introduced trade settlement (non deliverable) futures contracts on the hryvnia exchange rate / foreign currency. The market, however this tool does not actually used. Then three years ago, two exchanges - UMVB and PFTS - were preparing to make its proposals to launch the market of forward contracts. However, due to the fact that Russia under Vladimir Stelmakh hedging currency risk is considered an absolute evil, the project has not earned. "Now in the National Bank came to professional bankers who understand the inside, how the credit and financial mechanisms. They know that the banks' liabilities are very much currency (about $ 51 billion - Auth.) You need to do a resource for credit in the economy. There is therefore every reason to expect that the system of currency svopirovaniya become active mechanism ", - says member of the Supervisory Council of the Ukrainian credit union bank Anatoliy Guley. According to market participants, today the potential candidates to run the market of foreign exchange contracts are PFTS and the Ukrainian market. However, one desire, and bankers fondovikov for the emergence of swaps, forwards and futures is not enough. Necessary changes in foreign exchange legislation and updating regulations of the State Commission for Securities. Deputy Head of NBU Igor Sorkin argues that such work is ongoing with the deputies, the government and presidential administration in the new version of the bill on currency regulation and control. "The new team is working very smoothly. Someone is responsible for working with the AP, someone leads a dialogue with the government, someone - with the deputies. If they (the National Bank and parliament. - Author.) Can develop high-quality legal support - the market does, you can run pretty fast. As a result, we obtain an effective tool for hedging currency risks, "- says the chairman of one of the largest banks with foreign capital. - The main thing that made access to the NBU currency swaps to be equal for all financial market participants. Because if it's the electoral mechanism as in the case of refinancing in 2008-2009., Then for the market it will not bring, but will become a regular basis for speculation. " Alexander DOUBINSKY