The National Bank of Ukraine is the special central agency. The Constitution of Ukraine provides legal status, tasks, functions, powers and principles of the National Bank of Ukraine. Also it is the emission center, that conducts a unified state policy in the field of monetary, credit, strengthening of monetary unit of Ukraine - hryvnia. It regulates and supervises the activities of commercial banks in Ukraine.
In 1999 the Law "Of the National Bank of Ukraine" was accepted to increase responsibility of the central bank to ensure monetary stability and to improve strengthening the independence of the central bank authorities in the conduct of monetary policy.
According to this Law the main goal of the National Bank is to ensure the stability of Ukraine's monetary unit. To provide this, NBU supports the stability of the banking system and, within its competence, price stability. In addition to it, there are some functions which also help to achieve a main goal:
• to determine and pursue the monetary policy in accordance with the General Principles of the Monetary Policy developed by the Council of the National Bank of Ukraine;
• to issue the national currency of Ukraine on a monopoly basis and to organize its circulation;
• to establish the rules of conducting banking transactions, accounting and reporting, protection of the information, funds and property for the banks and other financial and credit institutions;
• to determine the areas of the development of modern electronic banking technologies, to establish, co-ordinate and control the creation of electronic means of payment, payment system, banking automation and the banking information protection facilities;
• to compile, analyze and forecast the balance of payments;
• to exercise the currency regulation with the competence to be defined by a special law, to determine the procedure of effecting payments in the foreign currency, to organise and exercise the currency control over the commercial banks and other credit institutions which are in possession of a the National Bank's license for the transactions with currency values;
• to ensure the accumulation and custody of the gold and currency reserves and the conduction of transactions with them and the banking metals;
• to analyze the status of the monetary, crediting, financial, pricing and currency relations;
• to organize the collection and transportation of bank notes, coins and other values;
• to take part in the training of personnel for Ukraine's banking system, etc.
The National Bank is a legal entity which, has separate property that is the subject of state property and it is in full economic competence. The authorized capital of the bank is owned by the state and serves to ensure the bank's liabilities. Current law provides such system (structure) of the National Bank: the central office, regional departments in the regions and the Crimean Autonomous Republic, clearing houses, Banknote Mint, banknote paper factory, the State Treasury, Central is money storage of, specialized companies and institutions needed for the bank.
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