REUTERS
The regulator also simplified the procedure for opening accounts by canceling the requirement to provide samples of signatures.
The National Bank of Ukraine (NBU) has allowed opening new accounts in Ukrainian banks to new entities of the Ukrainian financial market, namely non-resident legal entities, including foreign investment funds and asset management companies acting on behalf of such investment funds.
The central bank also simplified the procedure for opening accounts for customers by canceling the requirement to provide samples of signatures and to close accounts when changing the name of a legal entity, according to an NBU report referring to the regulator's updated instructions on opening and closing accounts, valid from April 4.
Read alsoNational Bank announces next steps to ease forex regulation in Ukraine
UNIAN memo. Law of Ukraine "On Currency and Currency Transactions", which lifts about 30 restrictions on the country's forex market, came into effect on February 7. The law increases the terms for settlements under export-import contracts and allows legal entities to freely use their foreign accounts and non-residents – to use their accounts in Ukrainian banks.
In addition, individual licenses for currency transactions are canceled, while online forex trade by individuals is allowed. The limit on currency transfers abroad for individuals without opening bank accounts is increased 10 times.
Moreover, starting February 7, businesses are able to repatriate dividends for 2018 within EUR 7 million per month and buy currency on any given day without prior reservation of funds. From March 1, the rate of mandatory sale of currency by exporters dropped from 50% to 30%.