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Economy 2019-09-15T04:04:17+03:00
Ukrainian news
NBU Lifts Restrictions On Purchase Of Foreign Currency On Credit

NBU Lifts Restrictions On Purchase Of Foreign Currency On Credit

The National Bank has lifted restrictions on the purchase of foreign currency on credit for business.

The NBU has said this in a statement, Ukrainian News Agency reports.

In the framework of currency liberalization, the National Bank allowed the business to buy foreign currency at the expense of credit funds in the hryvnia without restrictions on the amount.

This concession will allow enterprises to more effectively manage liquidity and buy the necessary amounts of currency to fulfill their own obligations at a time convenient for them.

Also, foreign exchange supervision over compliance by business with the deadlines for settlements on foreign economic operations has been improved.

Banks are required to complete supervision of export operations within five business days from receipt of information from the National Bank about a change in the servicing bank in the client’s customs declaration.

It is noted that this will avoid double control of client operations.

In addition, the NBU clarified the procedure for supervision of import operations in the event of a change in the servicing bank in the customs declaration.

"The National Bank continues currency liberalization in accordance with the pace of improving the macroeconomic situation in the country. Since the beginning of the year, more than 30 currency restrictions have been lifted," the statement said.

In particular, the mandatory sale of foreign exchange earnings by business, the preliminary order of the hryvnia for the purchase of foreign currency, and restrictions on the repatriation of dividends abroad were completely abolished.

The next currency concession approved by the NBU Board Resolution No. 104 of August 6, 2019 "On Amending Certain Normative Legal Acts of the National Bank of Ukraine" will enter into force on August 8.

As Ukrainian News Agency earlier reported, recently the National Bank canceled the mandatory sale of foreign currency earnings by business from June 19.

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