The National Bank of Ukraine (NBU) allowed banks to sell cash currency by 20% more than what was bought.
This is stated in the message of the NBU, Ukrainian News Agency reports.
Thus, from April 21, when calculating the amount of cash foreign currency that a bank can sell on the foreign exchange market, not 100%, but 120% of the amount of non-cash currency purchases from the population, starting from April 13, 2022, will be taken into account.
The corresponding changes are aimed at maintaining a favorable situation on the foreign exchange market.
In addition, the National Bank enables e-residents (after paying taxes in Ukraine) to transfer to their accounts abroad funds in foreign currency received from non-residents to accounts in Ukrainian banks (for services or work provided).
The corresponding changes will not put pressure on the foreign exchange market and international reserves of Ukraine, because within the scope of such operations, the purchase of foreign currency will not take place - the transfer will be made at the expense of foreign currency received by the e-resident from abroad.
The implementation of the e-residency project will contribute to attracting additional revenues to the state budget, popularizing Ukraine as a global IT brand, and increasing Ukrainian positions in international rankings.
The specified mitigations, as well as a number of other clarifying changes, were introduced by the Resolution of the Board of the National Bank of Ukraine dated April 20, 2023 No. 53 "On Amendments to the Resolution of the Board of the National Bank of Ukraine No. 18 dated February 24, 2022", which will enter into force on April 21, 2023.
As Ukrainian News Agency earlier reported, on April 1, 2023, the Law of Ukraine of October 6, 2022 No. 2654-IX "On Amendments to the Tax Code of Ukraine and some other laws of Ukraine regarding the peculiarities of taxation of business activities of electronic residents" entered into force.
It enables foreign citizens and stateless persons who have acquired the status of e-resident and registered themselves as a natural person-entrepreneur to carry out business activities and pay taxes in Ukraine without leaving their country of residence or stay.
As part of the implementation of this project, the NBU has since March 8 enabled e-residents to open current accounts for business activities in a bank with which the Ministry of Digital Transformation of Ukraine has concluded a relevant agreement.
Enabling e-residents to transfer funds in foreign currency received from non-residents (after paying taxes) is also one of the steps that will enable the practical implementation of the corresponding project.
On July 21, the NBU adjusted the official hryvnia exchange rate by 25% to 36.5686 UAH/USD.
From August 6, 2022, the National Bank canceled the restriction, according to which banks and non-banking institutions had to buy cash currency from the population at a rate no lower than the official one.
The National Bank allowed banks to sell more currency to the public.
Thus, from September 6, the amount of cash currency that the bank can offer to the population will include the entire amount of non-cash currency purchased by it from April 13, 2022, instead of half of it.
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