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Economy 2019-09-15T04:21:06+03:00
Ukrainian news
NBU Eases Several Monetary Restrictions For Non-Bank Financial Institutions And Non-Resident Legal Entities

NBU Eases Several Monetary Restrictions For Non-Bank Financial Institutions And Non-Resident Legal Entities

The National Bank of Ukraine has eased a number of monetary restrictions for non-bank financial institutions and non-resident legal entities.

The National Bank of Ukraine announced this in a statement, the Ukrainian News Agency reports.

According to the statement, the National Bank of Ukraine took the latest step to ease restrictions for non-bank financial institutions and non-resident legal entities as part of its currency-liberalization measures and with the aim of increasing competition on the financial market.

Non-bank financial institutions are allowed to set their own rates for exchanging foreign-currency transfers by individuals into hryvnia if the recipients wish to receive the transferred funds in hryvnia.

Previously, non-bank financial institutions were required to use he exchange rates set by the banks providing services to them.

Non-resident legal entities are allowed to convert all the hryvnia funds in their loro accounts into foreign currency during the course of a trading day.

Previously, non-resident legal entities were allowed to buy foreign currency only with the balance of hryvnia funds in their accounts at the beginning of the trading day.

This equalizes opportunities for non-resident legal entities and residents, for whom the requirement to pre-reserve hryvnia funds for currency purchases was abolished on February 7, 2019.

In addition, the rules according to which resident legal entities are to accumulate foreign currency for payment of loan debts to non-residents have been updated.

The relevant changes were approved by the Board of the National Bank of Ukraine’s resolution No. 52 of March 28, 2019, which is entitled "On Amendments to Certain Regulatory Acts of the National Bank of Ukraine."

As Ukrainian News Agency earlier reported, the National Bank of Ukraine may perform currency interventions on swap terms from February 7, 2019.

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