The National Bank has all tools for lifting restrictions on currency market, A. Novak considers, unn.com.ua reports.

Current restrictions from the National Bank of Ukraine repel foreign investors; that’s why Ukraine loses its investment attractiveness, economic expert Andrei Novak said during the exclusive interview to UNN.

“Any currency restrictions in the banking system of the country are the restriction of free capital turnover. As the world economy is already global, the capital searches for a place, where it is most profitable, comfortable and secure for it to work. And the main task for capital is to work profitably – this is velocity of turnover. And any currency restrictions seriously decrease this velocity of turnover and make the territory, on which these currency restrictions are acting, unattractive for investing capital”, - the expert said.

Also, according to A. Novak, the absence of large-scale investments and proper lending is also the consequence of impact of currency restrictions from the National Bank.

Currency restriction is also one of the reasons for absence of special investment and credit boom. And this is justified, when not only Ukrainian business, but also foreign, encountering such legislation in Ukraine, such restrictions, NBU resolutions, logically takes the following decision: for what to torture yourself in Ukraine, when you can work quietly, rapidly, swiftly and without similar restrictions”, expert said.

A. Novak also noted that it is the National Bank, which has all tools for lifting restrictions on currency market.

“Currency restrictions are imposed by the NBU, as it is the monopolist in regulatory policy in the banking system of Ukraine and on currency market. Nobody, except for NBU, can work on behalf of state on currency market and in banking system. NBU is the issuer of the national monetary unit. It intervenes in currency market, it forms gold and currency reserves, if necessary, it solves budgetary needs, patching budgetary holes. That is, NBU is the only monopoly organization, which enforces regulatory monetary policy. And if it introduces any restrictions, applies any tools, it can also cancel them. NBU introduced these restrictions in its time, and it is NBU which can lift them” A. Novak summarized.

It should be reminded that since March 5, 2015, the National Bank of Ukraine weakened restrictions for sale of foreign currency.

As UNN reported, the National Bank intends to continue to gradually liberalize administrative restrictions on monetary and currency market of Ukraine.

It should be reminded that, according to the opinion of President of “Ukrainian Manufacturers’ Association” Alexander Hromyko, currency restrictions of the National Bank make entrepreneurs to drive their business out to offshores.