The National Bank has changed the procedure for granting individual permits to conduct foreign exchange transactions upon receipt of a corresponding request from the Cabinet of Ministers. The changes came into force on April 20, reports the regulator’s press service.
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If previously appeals from the Cabinet of Ministers were the key basis for the National Bank to make a separate decision on granting permission to conduct a foreign exchange transaction, now the NBU will also largely focus on its own analysis of the possible consequences of such decisions.
The National Bank, in particular , will take into account whether the provision of individual permissions for conducting foreign exchange transactions is consistent with:
- goals of ensuring macroeconomic, financial and external stability; a strategy for easing foreign exchange restrictions, moving toward greater exchange rate flexibility, and returning to inflation targeting.
The press service of the National Bank explained that the changes were made in order to harmonize regulations with Law No. 3624-IX, which came into force on April 19. In addition, the NBU assumed the corresponding obligations in accordance with the provisions of the Memorandum on the Economic and Financial Policies of the IMF.
We would like to remind you that the Cabinet of Ministers, by its orders dated February 6 and 13, approved the NBU’s petition with a request to allow the withdrawal of currency abroad to Rinat Akhmetov’s companies , Andrey Verevsky and Victor Pinchuk. The total amount claimed in such petitions is more than $1.8 billion.
In almost all cases, Ukrainian enterprises plan to transfer currency in favor of parent companies registered abroad for payments on Eurobonds or as repayment of loans provided to their subsidiaries enterprises in Ukraine.
