Tuesday, August 25, 2015

NBU bans re-registration of loans in foreign currency with nonresidents

The National Bank of Ukraine (NBU) has instituted a ban on registering changes to agreements on taking credits/loans by residents in foreign currency from nonresidents if the changes foresee the replacement of the creditor or the debtor.
The ban was approved in NBU Board's resolution No. 551 of August 20 which took effect on August 22.
"The resolution toughens measures to prevent outflow of capital outside Ukraine under credit agreements in foreign currency. The ban does not apply to cases when residents-borrowers are authorized banks and agreements signed by residents with international financial organizations," the regulator said.
Under the resolution, the registration of credit agreements in foreign currency between residents if the claims are assigned to a new creditor-nonresident is also banned.

Director of the Open Markets Department at the NBU Serhiy Ponomarenko said that this step would allow for preventing the transfer of internal debt liabilities of residents under credits to foreign liabilities.
Director of the Registration and Licensing Department at the NBU Leonid Antonenko said on his Facebook page that the restriction is temporary, and that it will only last for two weeks.

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