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Economy 2018-11-15T04:18:16+02:00
Ukrainian news
NBU Preserves Mandatory Sale Of 50% Of Exporters’ Foreign-Currency Earnings

NBU Preserves Mandatory Sale Of 50% Of Exporters’ Foreign-Currency Earnings

The National Bank of Ukraine has preserved the rule that requires legal entities to sell 50% of their foreign-currency earnings.

This decision was approved by the NBU board’s Resolution No. 65 "On Introduction of Mandatory Sale of Foreign-Currency Proceeds and Establishment of the Size of Mandatory Sale of Such Proceeds," dated June 12, 2018, the Ukrainian News Agency reports.

The NBU preserved the rule that requires legal entities to sell 50% of their foreign-currency earnings with the aim of ensuring financial stability in Ukraine.

"The Board of the National Bank considers it necessary to leave the requirement unchanged because it is currently an effective mechanism for ensuring rhythmic flow of foreign-currency onto the interbank currency market and, accordingly, important for maintaining stability on the currency market," the NBU said.

The requirement on mandatory sale of foreign-currency proceeds is set for six months.

The NBU last reviewed this requirement in early April 2017, when it lowered it from 65% to 50%.

This decision will take effect on June 14, 2018, and remain in effect until December 13, 2018, inclusive.

As Ukrainian News Agency earlier reported, members of the public sold foreign currency totaling USD 2.138 billion more than they bought in 2017.

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