Policy Progress: National Bank of Ukraine Took Measures for Allowing Repatriation of Dividends by Foreign Investors and Relaxing Foreign Currency Control Measures
The Chamber welcomes steps of the National Bank of Ukraine (NBU) aimed at currency market liberalization and foreign currency control relaxation through adoption of NBU Resolution #341 "On Amendments to Some Legislative Acts of the National Bank of Ukraine" and NBU Resolution #342 "On Settlement of the Situation on Currency and Exchange Markets in Ukraine" dated June 7, 2016.
By adoption of these Resolutions the NBU allowed repatriation of dividends accounted to foreign investors for 2014-2015, reduced mandatory currency sale from 75% to 65% as well as foresaw the simplification of procedure for currency exchange operations.
For over 2 years the Chamber has been actively advocating for currency market liberalization through the constant dialog with the management of responsible governmental bodies and expressing the position of business community regarding the above issues. We consider that these NBU steps could have a positive impact on business activities of export-oriented companies and give a positive signal to foreign investors. At the same time, there are still a number of steps to be taken on the way to fully liberalize the currency market and ease the administrative restrictions imposed in 2014-2015. And the Chamber will take every single effort for achieving mentioned steps and ensuring their effective implementation.