• 21/04/2024 00:16

The National Bank changes rules to reduce demand for foreign currency: details

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Changes will be introduced from February 21, 2024.

This information was reported by NBU, reports URA-Inform.

The NBU is optimizing a number of foreign exchange restrictions to prevent unproductive capital outflows to protect Ukraine's international reserves and maintain the stability of the foreign exchange market.

The conditions for the purchase of foreign currency by business have been clarified

The National Bank reported that for settlements in foreign currency, a business must first use the foreign currency it has, and then, if necessary, buy it on the foreign exchange market of Ukraine. Enterprises also have access to foreign exchange transactions on «swap» for the purchase and sale of foreign currency, if the first part of the transaction involves the bank purchasing foreign currency from the client.

Deadlines for settlements on export transactions

The National Bank explained that there is now a rule according to which banks can complete foreign exchange supervision over residents’ compliance with the deadlines for settlements on export transactions after the funds received are credited to the resident’s current account in the bank from a non-resident for goods, if these funds were transferred from abroad.

«In order to stimulate the return of foreign exchange earnings to Ukraine for the export of goods , The NBU clarifies the specifics of the implementation of foreign exchange supervision by banks. Starting from February 21, banks will be able to complete foreign exchange supervision on relevant transactions only if the funds from a non-resident were received in foreign currency. But transfers in hryvnia will not be the basis for the completion of currency supervision by the bank», — reported to the NBU.

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