On December 15, Amendments to the Procedure for Issuing Individual Licenses of the NBU for Transfer of Foreign Currency Abroad Came into Effect

According to the report of press service of the National Bank of Ukraine, today, on December 15, the amendments to the procedure for issuing individual licenses for the transfer of foreign currency abroad came into effect. The innovations provided by the Resolution of the Board of the NBU No.130 of December 14, 2017 “On Amendments to the Regulations on the Procedure for issuing individual licenses for the transfer of foreign currency outside Ukraine for the payment of bank metals for certain currency transactions” include:

1. Approval of the list of documents required to obtain an individual license of the NBU. In addition, in order to prevent capital outflows abroad, the requirements for the documents submitted to the National Bank were strengthened, in particular, through the Regulator’s right to request such documents in case of need.
2. Simplification of a number of currency transactions for banks. The National Bank has specified the list of operations for transferring foreign currency by business entities-residents abroad, which do not require the receipt of an individual license by the NBU.
3. Standardization of the possibility of transferring funds as a reimbursement by a resident-borrower to a non-resident-guarantor (sponsor), provided that this guarantor (sponsor) has paid, in accordance with the contract, guarantees (sponsorship) for the obligations of such a resident-borrower, provided for by the relevant loan agreement with the authorized creditor bank.
4. Clarification of a number of grounds for the cancellation of individual licenses of the National Bank for the transfer of foreign currency by business entities-residents outside Ukraine.