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27.05 27.35
30.7 31.25
Economy 2019-03-15T04:05:21+02:00
Ukrainian news
Law On Currency And Currency Operations Takes Effect

Law On Currency And Currency Operations Takes Effect

The law on currency and currency operations has taken effect.

The law was adopted by the Verkhovna Rada of Ukraine in June 2018 and takes effect on February 7, Ukrainian News Agency reports.

The law abolishes currency supervision over export/import operations not exceeding UAH 150,000.

Over the long term, the amount will be raised to UAH 300,000.

The Cabinet of Ministers of Ukraine has tabled the bill 9417 dated December 19, 2018 for the consideration of the Verkhovna Rada of Ukraine.

In compliance with the bill, the transaction limit for financial monitoring is increased to UAH 300,000.

Following the adoption of the bill all the currency transaction limits will be doubled.

That means that all transactions worth less than UAH 300,000 will go beyond the currency supervision.

Besides, the law is to raise the limit on international transactions of foreign currency for individuals from UAH 15,000 to UAH 150,000 a year.

The law also allows free use of legal entities' accounts abroad (except transfer of funds from Ukraine into such accounts).

Respective step is destined to allow optimization of foreign currency and operational risks and to save funds on bank services.

As Ukrainian News Agency earlier reported, after the adoption of the currency law, the National Bank of Ukraine said it would need six month to agree regulatory-legal acts.

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