The Central Bank explains the initiative by “protecting the rights” of consumers of financial services.
According to the amendments to the Law “On Currency Regulation and Currency Control,” the regulator can set the requirements for how credit institutions place information on exchange rates. According to the draft instructions of the Central Bank, banks and exchangers will be able to provide these data only inside the premises where the organization or its branch is located. In this case, banks are not forbidden to report on the types of currencies that can be exchanged.
An indication of the Central Bank must enter into force 30 days after its publication. The regulator explained that the measure is aimed at combating illegal currency exchangers.
The Central Bank proposed to ban street boards with currency rates on February 16, 2018. Then the regulator did not explain why the initiative is needed. It was assumed that the changes will take effect in March.