Policy Win: The National Bank of Ukraine Abolished Currency Restrictions for Credit Funds

The American Chamber of Commerce in Ukraine welcomes the adoption of Resolution of the Board of the National Bank of Ukraine (NBU) #104 dated August 6, 2019 amending the regulation of foreign currency transactions that comes into force on August 8, 2019. Resolution #104 allows businesses to use credit funds to buy foreign currency without limitations. This will help businesses to manage their liquidity more efficiently and buy necessary amounts of currency to fulfill their obligations at a convenient time.

Currency supervision on compliance over the deadlines for businesses’ settlements on foreign economic transactions has also been improved. Banks are obliged to complete the supervision on export transactions within 5 working days since receiving information from the NBU regarding change of the servicing bank in the customer’s customs declaration. This will help to avoid double-checking the customer’s transaction.

We would like to thank the National Bank of Ukraine for introducing these important for the business community amendments, as well as experts of the Chamber Member Companies, who were actively involved in this advocacy process, for their contribution.