Published 22 February 2017. Some rules have changed since; ask us for the current position.
The National Bank of Ukraine (NBU) continues to ease temporary currency restrictions step by step, where relaxing them will not destabilise the interbank foreign exchange market.
First, the NBU has exempted foreign currency received from non-residents from mandatory sale if the funds arrive as cash security (a guarantee payment, pledge, advance deposit, deposit or guarantee) for taking part in auctions, bidding or tenders held by residents.
Second, the regulator has allowed banks to buy foreign currency for clients without counting the total foreign currency balance in the resident’s accounts that came in as cash security from a non-resident for taking part in bidding, tenders or auctions.
Both steps should help Ukrainian producers sell more to non-resident buyers, as they make purchasing easier from state-owned enterprises and from all other businesses alike.
Third, the NBU has allowed banks to buy foreign currency for clients whose account balance does not exceed USD 100,000. Until now, a client needed a balance below USD 25,000 (or equivalent) to buy foreign currency. The changes are set out in NBU Board Resolution No. 13 of 22 February 2017 (postanova Pravlinnia NBU No. 13), which amends NBU Board Resolution No. 410 of 13 December 2016.
The changes take effect on 23 February 2017.
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