Thursday, March 16 2017 19:03 EET
NBU simplifies foreign currency purchases for businesses
NBU, Simplifies, Foreign, Currency, Purchases, Businesses

The National Bank of Ukraine (NBU) has allowed business entities to purchase foreign currency at the expense of credits received in hryvnia under state guarantees in the framework of programs to enhance the country's security and defense capabilities, according to NBU Resolution No. 22, coming into force March 16.

The regulator also introduced a simplified procedure for the purchase of foreign currency for the return to the foreign investor of interest accrued on the balance of funds on the investment account, the NBU report says.

According to the central bank, the demand for foreign currency to conduct these transactions will not have a destabilizing effect on the foreign exchange market.

As UNIAN reported earlier, according to the concept of a new model of forex regulations, submitted in December 2016, the NBU had planned in the first phase of forex liberalization to ease restrictions on export-import transactions and foreign direct investment.

Among other things, the regulator announced gradual abolition of compulsory sale of forex earnings, limitations on the timing of payments on export-import contracts, and restrictions on the maximum amount of the import contract prepayment. The NBU also planned to simplify the licensing of investment in support of Ukrainian exports, and cancel the repatriation of proceeds from the termination of participation in the capital.

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