Policy Progress: National Bank of Ukraine Simplifies Regulation of Import of Services

The Chamber welcomes the liberalization initiative adopted by the National Bank of Ukraine approved by the Board Resolution №372 of August 18, 2016 "On recognition invalid some normative acts of the National Bank of Ukraine" that cancelled requirement to provide the expert price assessment Act of the State Enterprise State Research and Information Center for Monitoring International Commodity Markets "DERZHZOVNISHINFORM" that is used by residents to pay for import of services. The Chamber is continuously advocating currency market liberalization via high profile meetings with representatives of the National Bank of Ukraine and the leadership of SE "DERZHZOVNISHINFORM". In addition, Chamber Banking and Financial Services Committee address responsible stakeholders with relevant Position Papers. Also, in the Chamber White Paper “Reforms is Oil and Gas Sector”, this issue is stated as a key pre-condition to executing service payments, which will contribute to operational and financial efficiency as well as decrease the cost-base of services rendered to Ukrainian entities.