NBU shortens period for returning export proceeds to farmers 2 times to 90 days

The National Bank of Ukraine (NBU) has shortened the period for returning export proceeds to farmers 2 times to 90 days.

This is stated in the message of the NBU, Ukrainian News Agency reports.

The National Bank has set at the level of 90 calendar days the maximum settlement terms for operations on the export of goods classified by codes according to the Ukrainian classification of goods of foreign economic activity (UCG FEA): 1001, 1002, 1003, 1004, 1005, 1201, 1205, 1206 00, 1507, 1512, 1514, 2306 , carried out from November 11, 2023.

The settlement deadlines for such operations, which were carried out from April 5, 2022, were set at 180 calendar days.

The relevant decision was adopted at the request of the Cabinet of Ministers of Ukraine in accordance with the order of the Cabinet of Ministers of February 13, 2019 No. 76 "On approval of the list of goods and (or) sectors of the economy for which the National Bank has the right to establish exceptions and (or) features of the introduction of the protection measure provided for in paragraph the first part of the first article 13 of the Law of Ukraine "On Currency and Currency Transactions" (with amendments).

It is designed to strengthen the discipline of compliance by subjects of foreign economic activity with the settlement deadlines for goods export operations and to ensure the return of foreign exchange earnings within the established settlement deadlines for individual goods export operations.

The specified amendments were adopted by the Resolution of the Board of the National Bank of Ukraine of November 10, 2023 No. 145 "On Amendments to the Resolution of the Board of the National Bank of Ukraine of May 14, 2019 No. 67 "On Establishing Exceptions and (or) Features of the Introduction of Deadlines for Settlements for Export Operations and import of goods and amendments to some regulatory legal acts" with amendments, which shall enter into force on the day following the day of its official publication.

As Ukrainian News Agency earlier reported, the National Bank canceled the mandatory sale of foreign exchange earnings by businesses from June 19, 2019.

On July 21, the NBU adjusted the official hryvnia exchange rate by 25% to 36.5686 UAH/USD.

From August 6, 2022, the National Bank canceled the restriction, according to which banks and non-banking institutions had to buy cash currency from the population at a rate no lower than the official one.

The National Bank allowed banks to sell more currency to the public.

The National Bank has been implementing managed exchange rate flexibility since October 3.