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Banking & Financial Services

Policy Win: The NBU Cancelled the Limit on Purchase of Foreign Currency and Precious Metals

Policy Win: The NBU Cancelled the Limit on Purchase of Foreign Currency and Precious Metals

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 #125 "On Approval of Amendments to the Regulation on Safeguards and Procedures for Certain FX Transactions", dated October 29, 2019. By adopting this Resolution, the NBU cancels a daily limit of UAH 150 thousands set on purchase of foreign currency and precious metals through the cash desk of a bank, a financial institution or via online banking systems.

Moreover, the requirement for individuals to submit documents to banks confirming the grounds for transactions in the purchase of non-cash foreign currency is also terminated.

For over 5 years the Chamber has been actively advocating for currency market liberalization through the constant dialog with the leadership of responsible state authorities and expressing the position of business community regarding the above issues. In general, since the beginning of the year, the NBU has cancelled over 30 FX market restrictions. 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.