Resolution of the Board of the National Bank of Ukraine №386 from 14.09.2016 year (here and after – the National Bank Ordinance) was suspended issuance of individual foreign exchange licenses to individuals.
This measure was introduced in order to significantly reduce the capital outflow from Ukraine. National Bank of Ukraine said that overseas investment is unproductive and negative impact on the economy as a whole.
Thus, in accordance with paragraph 7 of the Resolution of the NBU, “Individuals are prohibited to carry out transactions in cash on the basis of the National Bank of Ukraine of individual licenses.”
However, there is an exception to the above, namely, the prohibition does not apply to the operations that are carried out on the basis of individual licenses issued before the entry into force of the Regulation of the NBU.
Also, the Resolution of the NBU has been extended a ban on purchases and transfer of foreign currency, which were held on the basis of the availability of individual licenses of the National Bank of Ukraine, except for such cases as:
a) placement of legal entities of currency values on accounts outside Ukraine;
b) execution of a resident guarantor (surety) secured by the guarantee (guarantee) obligations under the loan granted by an international financial institution or a foreign export credit agency;
c) payment of business entities-residents of entrance or membership fees in foreign currency for the current activities of non-resident legal persons;
g) to carry out operations of legal persons, provided that the total amount of transactions within a single individual license within one calendar month is less than 50 000 US dollars (equivalent in another currency at the official exchange rate of hryvnia to foreign currencies, which is set by the National Bank of Ukraine on the date of transfer).
In addition, it should be noted that the Resolution of the NBU had significantly increased the amount of cash in foreign currency, which the bank may issue a client for one day. Now the volume of granted funds may not exceed 250 000 hryvnia per customer equivalent at the official rate of the National Bank of Ukraine, on the day of the operation.
Please note that the NBU Resolution comes into force from 09.15.2016 years and is valid until 15.12.2016 year.
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