The National Bank of
Ukraine (NBU) continues gradual liberalization of the temporary anti-crisis
restrictions introduced on the foreign exchange market in 2014-2015, scrapping
the mandatory sale of foreign currency received as foreign investment in
Ukraine.
Respective NBU resolution No. 308 will come into effect on May 11.
The NBU also shortened by one day the term for the reservation of hryvnia
funds by authorized banks for currency purchases on clients' behalf. Now
foreign currency purchase orders can be settled on the third banking day (T+2),
whereas previously it was possible on the fourth day (T+3). The NBU similarly
reduced the period for transactions to transfer funds in the national currency
to correspondent accounts with non-resident banks.
It is noted that such transactions still require the regulator's
confirmation within the specified period in order to prevent counterproductive
capital outflows. In this regard, information to be provided by banks for
approval on May 5-6 will be endorsed by the NBU on May 11. Accordingly,
information provided on May 10 will be handled on May 12, approval of
applications of May 11 will be carried out on May 13, and so on.
In addition, the NBU lifted a ban on foreign currency purchases to pay for
the products imported to Ukraine prior to January 1, 2015, under agreements
with the debtor and/or creditor being replaced. In addition, a ban was canceled
on the transfer of funds in the national currency in favor of non-residents
through the correspondent account of a non-resident bank opened with an
authorized bank.
The NBU expects the measures to liberalize the foreign
exchange procedures will help boost foreign investment in Ukraine and
facilitate settlements related to foreign economic activity without disturbing
the currency market.
As UNIAN reported earlier, the NBU announced the gradual liberalization of
the forex rules tightened in 2014-2015 in line the bailout road map, which was
agreed with the International Monetary Fund.
On March 5, the regulator increased the limit of cash withdrawals from
banks and ATMs up to the equivalent of UAH 50,000 in foreign currency and UAH
500,000 in national currency per customer per day. Also, the limit for the
purchase of foreign currency by individuals was increased to the equivalent of
UAH 6,000 per day.
At the same time, the NBU extended for another three months major currency
restrictions for businesses, includes a requirement for the mandatory sale of 75%
of foreign exchange earnings by exporters and a 90-day settlement deadline for
import and export transactions; ban on early repayment of loans, credits in
foreign currency under agreements/contracts with non-residents; ban on the
payment of dividends to foreign investors abroad, and the obligation of banks
to agree with the NBU applications for purchase of foreign currency exceeding
the equivalent of $50,000.
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