Policy Progress: National Bank of Ukraine Allowed Repatriation of Dividends for 2013 and Preceding Years

The American Chamber of Commerce in Ukraine welcomes steps of the National Bank of Ukraine (NBU) aimed at currency market liberalization and foreign currency control relaxation, namely recent adoption of NBU Resolution #112 "On Amendments to NBU Resolution #410 “On Regulation of Situation at the Monetary and Foreign Exchange Markets of Ukraine” of December 13, 2016".

By adopting this Resolution, the NBU allowed repatriation of dividends in foreign currency abroad and payment of dividends to foreign investors charged not only for years 2014-2016, but also for 2013 and preceding years. Monthly limit for such operations for the period of 2014-2016 is formed at the level of 5 mln USD per one legal entity, and not more than 2 mln USD for dividends accounted before 2013 per one legal entity. Moderation of temporary anti-crisis restrictions as one of the important steps towards currency liberalization will help to improve country's investment climate and expand business opportunities.

For over 3 years the Chamber has been actively advocating for currency market liberalization through the constant dialog with the management of responsible state institutions and expressing the position of business community regarding the above issues. At the same time, there are still a number of steps to be taken on the way to full liberalization of currency market and easing the administrative restrictions imposed in 2014-2015. And the Chamber will take every single effort for achieving mentioned steps and ensuring their effective implementation.