The
only Legislative Body of Ukraine is Verkhovna Rada of Ukraine
– Ukrainian Parliament. People of Ukraine on equity
of the vote elect people’s deputies right in mixed
system (majority – proportion one).
450
People’s Deputies are elected. 225 of them are elected
on one-mandate districts, 225 – those who are elected
by parties lists in multi-mandate whole- Ukraine district
on equity of proportional representation.
Ukrainian
Constitution and laws set the rights of People’s Deputies.
PDs may unite into factions and groups on a condition that
every group and faction consists of not less then 25 members.
PDs’
groups may not form only on principles of parties’
membership. All the groups unite PDs of similar views and
thoughts on state and social- economic development of the
country.
The
Cabinet of Ministers of Ukraine (Ukrainian Government) is
the High Body of Executive Power of Ukraine. It acts acoording
to Constitution , laws of Ukraine, President’s Decrees.
The Government is amenable to the President of Ukraine,
controlled by Verkhovna Rada of Ukraine. The Presidents
appoints and resigns the Prime Minister on the agreement
of Verkhovna Rada. The President appoints and resigns ministers
on a proffer of the Prime Minister.
The
Parliament adopts the budget, elaborated and presented by
the Government, adopts resolution about budget realization,
adopts or rejects the Program of the Government Activity,
controls its work
Legal
status, principles of organization and activities of the
National Bank of Ukraine are determined by the Constitution
of Ukraine and the Law of Ukraine "On the National
Bank of Ukraine".
The
National Bank of Ukraine is a legal entity with separated
property, which is the object of the state property. Its
authorized capital amounts to UAH 10 million and is the
state- owned property which is in the full economic competence
of the National Bank.
According
to Article 99 of the Constitution of Ukraine, adopted in
1996, the main function of the country's central bank is
to ensure stability of monetary unit-the hryvnia. To carry
out its main function, the National Bank shall foster the
stability of the banking system and, within its competence,
the price stability.    Â
According
to the Law of Ukraine "On the National Bank of Ukraine",
the National Bank is the central bank of Ukraine, a specific
central body of the state administration, its issuing center
which pursue commom state policy in money circulation, credit,
strengthening of monetary unit; it coordinates functioning
of the banking system in general; determines exchange rate
of the monetary unit against foreign currencies. The National
Bank determines a kind of bank notes, their denomination,
distinctive features and their protection system. The National
Bank of Ukraine ensures the accumulation and custody of
the gold and currency reserves and the conduction of transactions
with them and the banking metals. The National Bank of Ukraine
sets up the order of determining a discount rate and other
interest rates;Â it gives permission for commercial banks'
registration and licenses banking business; determines the
standard of emergency funds for commercial banks and other
financial and credit institutions.
According
to Article 93 of the Constitution, the National Bank of
Ukraine is entitled to a legislative initiative.
The
highest management body of the National Bank is the Council
of the National Bank of Ukraine. The governing body of the
National Bank is the Board of the National Bank of Ukraine.
The
Council of the National Bank shall consist of fourteen persons.
The President of Ukraine shall appoint seven members of
the Council of the National Bank, including the Governor
of the National Bank due to his/her official capacity. The
members of the Council of the National Bank shall be appointed
by the Verkhovna Rada of Ukraine by means of the adoption
of a relevant Resolution.
According
to Article 100 of the Constitution of Ukraine, the Council
of the National Bank shall develop the general principles
of the monetary policy and shall monitor its implementation.
The
complement of the Board of the National Bank shall be approved
by the Council of the National Bank, subject to the submission
by the Governor of the National Bank. Deputy Governors
of the National Bank shall be the members of the Board of
the National Bank due to their official capacity.
The
Governor of the National Bank shall be appointed by the
Verkhovna Rada of Ukraine, subject to the submission by
the President of Ukraine by the majority of the constitutional
complement of the Verkhovna Rada of Ukraine for the period
of five years.
The
National Bank of Ukraine represents interests of Ukraine
in relations with other countries' central banks, international
banks and other financial and credit institutions on behalf
of Ukraine.
The
National Bank of Ukraine shall be accountable to the President
of Ukraine and to the Verkhovna Rada of Ukraine within the
limits of its constitutional power.
