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State Council of Crimea to nationalize Interbank Currency Exchange

January 21, 2015, 13:37 UTC+3 SIMFEROPOL

The move follows nationalization of one of the largest energy companies in Crimea

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© ITAR-TASS/Alexei Filippov

SIMFEROPOL, January 21. /TASS/. Crimea will nationalize the republic's Interbank Currency Exchange (ICEC). The move was authorized on Tuesday in a unanimous vote at a special session of the State Council.

The move follows nationalization of one of the largest energy companies in Crimea, Krymenergo. The republic's head, Sergey Aksyonov, told parliament lawmakers that the decision was of value to the region's people and urging them not to heed Ukrainian allegations of “violating some commitments”.

"All of us understand the need for this process despite continuous allegations of non-transparency and violation of commitments made by our opponents," he said. "We believe that Ukraine is doing just the same, particularly when deciding to recover property divested by those close to its ex-president.”

ICEC's establishment in 1995 was initiated by leading Crimean commercial banks. Fifteen banks and Ukrainian financial institutions were founder members. The organisation is tasked with trading and closing of foreign exchange sale and purchase agreements between exchange members, transfer of trading information to the clearing bank for forex payments and foreign exchange rate fixing.

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