Photo from UNIAN
The central bank eased cash currency trading licensing terms for non-bank financial institutions.
Ukrainians will be able to buy and sell foreign currency, besides banks and forex booths of non-bank financial institutions, at post offices across the country, according a report by the National Bank of Ukraine with reference to Resolution No. 9, which will come into force on February 7, 2019, along with the introduction of Law "On currency and forex transactions."
It is noted that postal service operators will be able to obtain an NBU license to carry out forex transactions if they have at least 50 structural units in over 50% of Ukraine's regions, receiving at least 50% of income from provision of postal services.
In addition, operators must comply with the requirements for financial status, ownership structure, and business reputation.
At the same time, the National Bank eased cash currency trading licensing terms for non-bank financial institutions, halving the required minimum of equity capital and canceling the norm for them to have at least five offices equipped to match the NBU requirements.
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Non-banking financial institutions and the national postal operator with the regulator's forex licenses will be granted six months to ensure transition to bring their activities in line with the new requirements.
UNIAN memo. Law of Ukraine “On Currency and Foreign Exchange Operations”, adopted by the Verkhovna Rada, entered into force on July 7, 2018 and shall be implemented in seven months from this date – after a transition period.
The introduction of the law implies a number of steps to ease foreign exchange regulation in Ukraine, including extending to 365 days the deadline for settlements under export-import contracts, canceling forex controls for export-import transactions in the amount of up to UAH 150,000, and individual forex licenses.
Also, sanctions in the form of a ban on foreign economic activity for violation of the terms of settlements will be lifted, while online purchase of currency by individuals will be allowed.