NBU changes rules for transferring currency abroad and expands hedging of currency risks

The National Bank is changing rules for transferring currency abroad and expanding hedging of currency risks.

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

"First, clients will be able to carry out transactions with banks to sell foreign currency for hryvnia on "forward" terms without delivering the underlying asset (currently, such transactions can only be made with the delivery of the underlying asset). Secondly, resident clients (legal entities and individual entrepreneurs) will have the opportunity to purchase foreign currency from banks on "forward" terms with the delivery of the underlying asset to hedge the risk of foreign currency exchange rate changes on transactions for the import of goods. The bank will be able to carry out such transactions only within the volume of foreign currency that it will buy on "forward" terms from other clients (both with the delivery of the underlying asset and without delivery), so these changes will not put pressure on the foreign exchange market," the regulator noted.

In addition, the NBU will allow legal entities and individuals to return erroneously transferred funds in foreign currency that were credited to clients' accounts.

The application for a refund must be submitted within three business days from the date of receipt of a notification of an erroneous transfer of funds to the bank from the non-resident bank.

This should contribute to increasing trust in Ukraine from non-residents and compliance with the requirements of payment legislation.

Also, residents - marine agents will have the opportunity to transfer funds abroad to return unused funds in foreign currency received from non-resident shipowners or other principals.

This will contribute to the fulfillment of contractual obligations by marine agents, who play a key role in coordinating activities related to servicing foreign vessels in Ukrainian ports, without putting pressure on the foreign exchange market.

As the Ukrainian News agency earlier reported, the NBU will allow dividends for 2023 to be repatriated.

To request a correction, please send an email.