The National Bank of Ukraine prioritizes the transition to the second stage of currency liberalization, which provides for permission to repatriate interest on “old” debt obligations. This is stated in the NBU message.
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On February 5, the NBU met with representatives of business associations such as the American Chamber of Commerce and the European Business Association, as well as big business.
Currency liberalization
During the meeting, in particular, the issue of currency regulation was discussed, which is the most troubling business, namely the easing of currency restrictions.
“The NBU is determined to continue currency liberalization, despite all the challenges posed by the war. As soon as the appropriate prerequisites appear, we will continue to move in this direction. We have already made significant progress in implementing the first stage of easing foreign exchange restrictions. We prioritize its completion and the transition to the implementation of the second stage,” said NBU head Andriy Pyshny.
For his part, Deputy Chairman of the National Bank Yuriy Heletiy recalled that the second stage of easing restrictions will provide for further liberalization of trade finance, opportunities to manage foreign exchange risks of banks, as well as permission to repatriate interest on “old” debt obligations.
Representatives of the NBU also emphasized that the dynamics of progress in currency liberalization will largely depend on the responsibility of business, including in terms of the return of foreign currency earnings.
“Already There is progress after the measures taken in 2023, in particular, the sale of foreign currency from the agricultural sector has increased. However, the imbalance of demand and supply of currency could be significantly less if business regularly brought all foreign currency earnings into the country,” the NBU noted.
International assistance
The National Bank expects that the rhythm of international assistance will resume in the coming months.
In particular, the regulator is expecting a US decision on funding soon. It is noted that Ukraine’s receipt of the required amount of Western assistance is critical for the implementation of the basic scenario of the NBU’s macro forecast. At the same time, it is necessary to increase internal resources.
“We are business partners and really have a common goal – to help the country bring victory closer. I hope that our cooperation will strengthen Ukraine’s capabilities,” said the head of the NBU.
