National Bank of Ukraine continues to gradually liberalize administrative restrictions introduced in the 2014-2015 to stabilize the situation in the money and foreign exchange markets. The Board of the National Bank approved the decree number 342 of 06.07.2016 “On settlement of the situation in the money and foreign exchange markets of Ukraine.”
In view of this,the National Bank of Ukraine:
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- Softened the requirement for the mandatory sale of proceeds in Ukraine in foreign currency by legal entities from 75% to 65%.
- Authorized the repatriation of dividends to foreign investors for the 2014-2015. Issuers of corporate rights and shares for which dividends are paid, or depository institution serving the securities account of the foreign investor, or directly to a foreign investor abroad, can return such dividends abroad.
- Banks and financial institutions now are able to change the exchange rates of foreign currencies during the operational (working) day.
- Allowed to set different exchange rates of foreign currency in cash bank of the financial institutions, their subdivisions, currency exchange, which are located at different addresses.
- Allowed the banks to use their own commercial rate and not the official rate of the NBU in cash conversion transactions of one foreign currency to another.
- Now banks and financial institutions can make cash conversion of foreign currency not only group 1, but the 2nd group classifier foreign currencies.
- Simplified workflow in realization of foreign exchange transactions. From now the cashier must copying pages of relevant documents and store it in the documents of the day only in cases where the amount of foreign currency purchase exceeds UAH 150 000,00.
Contact:
Yaroslav Kalakura
Corporate services consultant
