• 19/04/2024 00:48

The National Bank has tightened the rules for purchasing foreign currency: what has changed now

 The National Bank has tightened the rules for purchasing currencies: what has changed now

The NBU explained the purpose of the new introductions.

From February 21, 2024, the National Bank of Ukraine(NBU) has carried out optimization for some currency restrictions. This means that the rules for the purchase of foreign currency by businesses and settlements for export transactions will change in the foreign exchange market.

The NBU press service reports this.

NBU decisions are aimed at preventing capital outflow and protecting international reserves of our country.

So far, for settlements in foreign currency, businesses have to use cash currency, and then, if necessary, buy it on the Ukrainian foreign exchange market of Ukraine. Enterprises also carry out currency transactions on swap terms for the purchase and sale of foreign currency, if, as part of the first part of the transaction, the bank buys foreign currency from the client.

“To ensure that the corresponding transactions are not used to circumvent existing currency restrictions, The central bank has clarified the conditions for the purchase of currency by enterprises. In particular, from February 21, when purchasing currency by businesses, Ukrainian banks will take into account not only funds in foreign currency placed on the client’s current and deposit accounts, but also information on the client’s current foreign exchange transactions with banks on “swap” terms “, the message says.

For this purpose, on the date of purchase of foreign currency, legal entities will provide the bank with information about the currency they sold for the first part of foreign exchange transactions on the terms of “swap” (currency, transaction term) for unfinished transactions with banks. Details will be provided along with data on available funds in foreign currency in current and deposit accounts.

Recall that the National Bank of Ukraine proposes to change the rules for disclosing bank secrecy, which will also apply to payment cards

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