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Banking & Financial Services

Policy Progress: The NBU Lifts the Restriction to Purchase Forex Only under Obligations

Policy Progress: The NBU Lifts the Restriction to Purchase Forex Only under Obligations

The American Chamber of Commerce in Ukraine welcomes steps of the National Bank of Ukraine (NBU) aimed at lifting the restrictions for businesses to purchase foreign currency, namely recent adoption of NBU Resolution #80 "On Amendments to the Regulation on Safeguards and Procedures for Certain Transactions in Foreign Currency" dated July 13, 2021.

By adopting this Resolution, the NBU partially lifts the restriction for legal entities and sole proprietors to buy foreign currency only under obligations. Starting from July 20, businesses will be able to purchase foreign currency in the amount up to EUR 100 thousands (in equivalent) per day and without the need to present their reasons and commitments nor submit confirmation documents to the bank. Lifting the corresponding restriction will give businesses more room for risk and liquidity management.

The Chamber welcomes the adoption of NBU Resolution #80 and will take every single effort for achieving the complete removal of the requirement to purchase foreign currency under obligations. For over 6 years the Chamber has been actively advocating for currency market liberalization through the constant dialogue with the leadership of responsible state authorities and expressing the position of business community on the above issues.