NBU eased some foreign exchange restrictions

By Mike on Saturday,

NBU eased some foreign exchange restrictions.

NBU eased some foreign exchange restrictionsThe National Bank of Ukraine has some currency restrictions eased in place in the first half of this year in order to stabilize the foreign exchange market. NBU eased some foreign exchange restrictions measures to currency regulations in Decision No. 581 of the NBU Council to liberalize anchored to the situation on the markets of Ukraine and the NBU Board Resolution No. 582 to disengage from the money and the exchange of changes certain provisions of the National Bank of Ukraine dated 3th September 2015.

NBU eased some foreign exchange restrictions the National Bank has increased the amount of cash or investment FX metals that could be withdrawn from the accounts of customers per day from UAH 15,000 to 20,000 UAH. The easing of the restriction is aimed at restoring confidence in the banking system and promote the inflow of FX deposits.  NBU eased some foreign exchange restrictions In the case of foreign exchange purchases by customers, the regulator has allowed banks do not include the balances of foreign currency accounts of the third Group of the classification of foreign currencies and metals investment. This would allow customers with holdings in non-convertible currency for the purchase of foreign exchange currencies.  Licensed banks are allowed to interrupt control of the export operations of the clients for which evidence is available that claims under it have been offset with similar counterclaims in foreign currencies which are not subject to compulsory sale . The amount of such liability shall not exceed $ 0.5 million per contract.  Delivery requirements have also been revised. From now on, the reporting requirements do not apply to the funds returned at the initiative of a foreign bank within two days.  The regulator has repealed the mandatory requirement to present a certificate of no outstanding tax liabilities issued by the Tax Authority of the State of Ukraine as part of the documents. This will bring relief to importers. NBU eased some foreign exchange restrictions  The regulator has lifted the ban prohibiting the registration of the amendments to the agreements on FX lending / loans to residents by non-resident borrowers, if the amendments relate to the replacement of a lender and / or borrower in certain cases . More specifically, if this substitution refers to the settlement and / or acquisitions. NBU eased some foreign exchange restrictions that  at the same time, the National Bank continues to participate in efforts to prevent the exit of foreign capital unproductive. In particular, the regulator imposed a ban on buying foreign currency for settlement of imported goods undergoing customs clearance procedures before 1 January 2014. This applies to cases where the replacement of a debtor and / or creditor takes place in respect of obligations under international trade agreements (contracts). From now on, this type of resident companies fulfill their obligations fx fx using their own funds. The requirement does not apply to real life. The resolutions take effect from September 4, 2015, and remain in force until December 4, 2015, inclusive. However, regardless of the validity period of the above resolutions, the National Bank is set to go ahead with plans to liberalize foreign exchange regulation in a gradual manner, if the conditions of the currency market and economic conditions are favorable.

Source: bank.gov.ua

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