Policy Progress: National Bank of Ukraine Continues Gradual Liberalization of Temporary Restrictions at Currency Market

The Chamber welcomes the adoption of Resolution of the Board of the National Bank of Ukraine #386 dated September 14, 2016 "On Settlement of the Situation on the Money-Credit and Foreign Exchange Markets of Ukraine" which comes into force today, on September 15, 2016.

This NBU Resolution will allow customers to withdraw cash in foreign currency and precious metals from their current and deposit accounts in the amount of up to 250 thousands UAH (equivalent) per day, per client. Previously this sum accounted up to 100 thousands UAH.

Also, the resident company, that received a loan from non-residents, will be able to buy foreign currency to repay such debt even with their own accounts of foreign currency that worth over 25 thousands USD. This will be permitted only with the intended use of the purchased funds, if both acquired and existing own foreign currency will be used to repay such obligations.

The Chamber is continuously advocating  for the currency market liberalization via the high profile meetings with the representatives of the National Bank of Ukraine and the Ministry of Finance. And though this positive step in the right direction is welcome, the Chamber will continue taking every single effort for achieving the full liberalization of the currency market and ease of the administrative restrictions as well as ensuring their effective implementation.