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Finance Business Service

Mitigation of Exchange Restrictions Continues in Ukraine

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The NBU continues the gradual mitigation of exchange restrictions, as it is reported on the website of the regulator.
We remind that until recently, the transfer of foreign currency for the placement of guarantee deposit outside Ukraine for the provision of transactions has been allowed only to banking institutions participating in the international payment systems. Now, according to the decision of the Board of the National Bank, such operations on the basis of an individual license of the NBU can be carried out by both banks and non-bank financial institutions.
In addition, the procedure for the application of exceptions to the prohibition of early loan repayment and loans in foreign currency received by the residents of the country from non-residents has been specified. Such exceptions include all payments under certain credit agreements or loan agreements, that is, the payments on the principal amount, taking into account interest and other payments provided for under the agreement.
It is expected that the innovations, fixed by the Resolution of the NBU Board of October 10, 2017 No.101 and entered into force on October 12, 2017, will contribute to the creation of favorable conditions for the participation of non-bank financial institutions in the international payment systems and stimulate the development of economic relations in Ukraine. At the same time, the outlined changes will not influence negatively on the foreign exchange market.

Алёна Каменецкая
Author
Senior Lawyer
Finance Business Service