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On February 7, a new currency law and new NBU regulations on currency regulation will be enacted.
The National Bank of Ukraine will present a roadmap of lifting restrictions in the foreign exchange market, NBU Governor Yakiv Smolii said during his parliament report on Thursday, Jan 17.
He recalled that on February 7, a new currency law and new NBU regulations on currency regulation will be enacted.
“We plan to present a roadmap of lifting the restrictions that apply today,” he said.
At the same time, the NBU chief noted that, to ensure full-scale FX liberalization, it is necessary to adopt a number of laws, including the one on combating BEPS (base erosion and profit shifting).
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UNIAN memo. Law of Ukraine “On Currency and Foreign Exchange Transactions” entered into force on July 7, 2018, and will be introduced on February 7, 2019.
According to the NBU, the law implies lifting or easing of more than 20 restrictive measures in Ukraine's foreign exchange market of Ukraine, including doubling the term of settlements under export-import contracts and abolishing FX control over transactions up to UAH 150,000.
In addition, with the introduction of the law, the free use of foreign accounts of legal entities, conclusion of forwards in foreign currency to hedge transactions, and transactions on accounts of non-resident legal entities in Ukrainian banks will all be allowed.
Individual licenses for currency transactions shall be canceled, while online purchase of foreign currency by individuals shall be allowed, and the limit on FX transfers abroad without opening accounts for individuals will be increased to UAH 150,000.