The Ukrainian parliament approved at first reading a draft law on the forced restructuring of currency credits which is not in line with a memorandum signed by Ukrainian authorities with the International Monetary Fund (IMF).
Draft law No. 1558-1 was supported by 241 lawmakers on April 9.
The bill received support from the head of the Petro Poroshenko Bloc faction Yuriy Lutsenko.
Presenting the document, secretary of the parliamentary committee for financial policy and banking operation Maksym Poliakov (People’s Front) said that the bill foresees the obligatory restructuring of liabilities under credit agreements by banks and other financial institutions within one month after the relevant application of citizens.
The document applies to all consumer credits received to buy any item of goods without restrictions in the debt under the agreement, including movable and immovable property.
Poliakov said that the debt on consumer credits will be converted at the official exchange rate on the date of the signing of the credit agreement. The credit rate after restructuring will not exceed the rate set before restructuring.
According to the draft law, within two years from the moment of the law taking effect a moratorium on collecting any property of borrowers is imposed.
