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PRESIDENTIAL DECREE OF UKRAINE

of August 25, 1996 No. 762/96

About monetary reform in Ukraine

For the purpose of assistance to carrying out radical market reforms in Ukraine, and according to articles 99 and 102 of the Constitution of Ukraine I decide providing economy with stable national currency:

1. Hold, since September 2, in Ukraine monetary reform issuance by certain Constitution and other legislation of Ukraine of national currency of Ukraine which the hryvnia and its hundredth part kopek is.

2. To the National Bank of Ukraine since September 2, 1996 to release banknotes advantage in 1, of 2, of 5, of 10, of 20, of 50 and 100 hryvnias and change nominal value 1, of 2, of 5, of 10, of 25 and 50 kopeks and to stop issue of the Ukrainian karbovanets.

3. The Ukrainian karbovanets are subject to exchange for hryvnias (banknotes and change) at the rate of 100000 karbovanets for 1 hryvnia.

4. From September 2, 1996 to September 16, 1996 in the territory of Ukraine the hryvnia, and also the Ukrainian karbovanets which is gradually withdrawn from circulation function in the cash address.

Since 24 hours on September 16, 1996, functioning of the Ukrainian karbovanets in the cash address stops. From this point the single legal tender currency in the territory of Ukraine is the hryvnia.

5. To executive bodies, legal entities and other subjects of managing of all patterns of ownership according to the established exchange rate of the Ukrainian karbovanets for hryvnia to make till September 2, 1996 recalculation in hryvnias without any limit, withdrawals and confiscation:

- the prices, rates, and also the salary, pensions, grants, benefits and other money payments to the population with their rounding to 1 kopek;

- means of legal entities and other subjects of managing (residents and nonresidents) who are on accounts in organizations of banks and in securities;

- all types of savings of the population on deposit and other accounts, in deposit certificates, insurance policies, and also shares and other securities, including privatization papers;

- assets and liabilities of balances, the concluded bargains.

6. Since September 2, 1996 non-cash accounts (including the translations), and also financial accounting of all transactions and creation of the reporting by legal entities and other subjects of managing in all fields of activity are performed only in hryvnias.

7. Salary payment, grants, pensions, benefits, other money payments to the population is carried out since September 2, 1996 only in hryvnias without any changes of procedure and terms of such payment.

8. To executive bodies, legal entities and other subjects of managing of all patterns of ownership as of the beginning of the working day on September 2, 1996 to draw up acts availability in cash desks of remaining balance of the Ukrainian karbovanets and to hand over them on the same day till 17 o'clock local time in the serving organizations of banks.

To organizations of banks to accept the remaining balance of the Ukrainian karbovanets specified in part one of this Article and to enlist them within the set balance in cash limit in cash desks on settlement (current) accounts of appropriate subjects of managing in hryvnias, and in the amounts exceeding the set limit of balance in cash of money in cash desks to enlist into separate special accounts.

To the Cabinet of Ministers of Ukraine together with the National Bank of Ukraine to prepare offers on the mode of use of the means enlisted into separate special accounts of legal entities and other subjects of managing.

9. The Ukrainian karbovanets exchange cash to the population for hryvnias from September 2 to September 16, 1996. At the same time the amounts to 100 million Ukrainian karbovanets exchange cash for hryvnias, and over 100 million Ukrainian karbovanets - are enlisted on deposits in banks with the right of their free use in hryvnias.

During this period commercial banks accept from the population the Ukrainian karbovanets cash on deposits, settlement accounts without any limit at the established exchange rate of karbovanets for hryvnias.

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