The resolution is coming into effect on July 2.
The National Bank of Ukraine (NBU) has scrapped a number of administrative limitations that created inconvenience for Ukrainian companies, foreign investors and diplomatic missions.
The NBU announced this on its website, referring to resolution No. 86, which is coming into effect on July 2.
According to the document, the NBU abolished the limit on financing foreign representative offices and separate divisions of companies, previously limited to a total sum of investment made abroad for businesses within EUR 2 million per year.
Read alsoNBU buys over US$322 mln in June to replenish int'l reserves
At the same time, to minimize the risks of unproductive outflows of capital, the National Bank ordered that the banks receive from companies detailed estimates and other documents justifying the need for a transaction.
Such liberalization rules will not apply to operations to transfer funds to an aggressor/occupying states, offshore zones, and countries violating FATF recommendations.
The regulator also simplified the reinvestment of foreign investors' incomes from operations with Ukrainian securities, by allowing the transfer of funds received on securities in a foreign depositary bank from the correspondent account of this institution to its account in Ukraine.
In addition, the NBU lifted a ban on cash payments for consular fees for the legalization of shipping documents in diplomatic missions or consular offices of countries that did not join the Hague Convention of October 5, 1961 (Algeria, Afghanistan, Vietnam, Egypt, Indonesia, Jordan, Iraq, Iran, Cameroon, Canada, Qatar, Kuwait, Lebanon, the United Arab Emirates, Saudi Arabia, Syria, Sudan, Thailand, Uruguay).
The NBU also extended a list of foreign currency transactions that are allowed to be conducted on the territory of Ukraine, adding operations between financial institutions and the Cabinet of Ministers of Ukraine under international agreements on credits, grants, and loans.
The National Bank also improved the risk-oriented supervision of banks in terms of inspections of foreign-based partner banks, to which Ukrainian companies transfer funds. Now banks will independently determine the risk level of such partner banks on the basis of information from public sources.
UNIAN memo. About thirty limitations ceased to be used in the market after the introduction of the new law on currency and foreign exchange transactions in Ukraine in February 2019.