Verkhovna Rada approves laws to strengthen independence of National Bank

According to an Ukrinform correspondent, MPs supported bill No.5850 "On Amendments to some Laws of Ukraine concerning certain issues of activities of the National Bank of Ukraine". A total of 255 MPs supported the document at its second reading. In particular, the bill envisages amendments in part of regulating the issues of internal management in the National Bank.

The Verkhovna Rada also passed a law that would allow the National Bank to purchase legal services to represent its interests in foreign jurisdictions. Some 268 MPs voted for the relevant bill at its second reading, No.5852, "On amendments to Article 3 of the Law of Ukraine ‘On public procurement’ concerning the procurement of legal services by the National Bank of Ukraine".

In addition, the Verkhovna Rada approved amendments to the Budget Code to clarify the information provided by the National Bank for the preparations of the Budget Declaration. The relevant bill, No.5853, "On Amendments to Article 33 of the Budget Code of Ukraine to clarify the information provided by the National Bank of Ukraine for the preparations of the Budget Declaration" was supported at second reading and in its entirety by 267 MPs.

As a reminder, strengthening the independence of the National Bank was one of the key conditions for providing Ukraine with the next tranche of the IMF.

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