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Banking & Financial Services

Policy Progress: The National Bank of Ukraine Simplified Some Currency Restrictions on the Use of Corporate Cards

Policy Progress: The National Bank of Ukraine Simplified Some Currency Restrictions on the Use of Corporate Cards

The American Chamber of Commerce in Ukraine welcomes the adoption of the National Bank of Ukraine (NBU) Board Resolution #172 “On Amendments to Resolution #18 of the NBU Board dated February 24, 2022” (Resolution) dated August 5, 2022.

With the adoption of this Resolution, the NBU allows banks to sell foreign currency to legal entities which are residents of Ukraine, via its transfer to the client's current account in foreign currency for further use of the corresponding currency to make expenses using corporate payment cards abroad.

At the same time, AmCham member companies’ experts emphasize the importance of making further changes regarding payments abroad from the accounts of legal entities in the national currency using corporate cards, as the current restrictions prevent businesses from fully carrying out operational activities. AmCham will continue advocating for simplification of currency restrictions, particularly regarding the use of corporate payment cards.