NBU
The National Bank of Ukraine (NBU) plans to consider the issue of extending or amending its administrative restrictions on the foreign exchange market this week, the regulator's press service reported.
According to a report, the NBU Board meeting is scheduled for this week, after which a new regulation will be published no later than March 3.
The NBU package of administrative restrictions introduced in accordance with Resolution No. 863 in December last year and being effective until March 4, 2016, inclusive, includes a requirement for the mandatory sale of 75% of foreign exchange earnings by exporters and a 90-day settlement deadline for import and export transactions; ban on early repayment of loans, credits in foreign currency under agreements/contracts with non-residents; ban on the payment of dividends to foreign investors abroad, and the obligation of banks to agree with the NBU applications for purchase of foreign currency exceeding the equivalent of USD 50,000.
In addition, until March 4 foreign currency transfers from customers' accounts remain limited to the equivalent of UAH 15,000 in case of transfers without supporting documents, and to the equivalent of UAH 150,000 in case of remittances made on the grounds of supporting documents; cash withdrawals through cash desks and ATMs remain limited to UAH 300,000 per day per customer and foreign currency in the equivalent to UAH 20,000 per day.
Purchases of foreign currency by the banks within their own operations are limited to 0.1% of the regulatory capital per day, and purchases of foreign currency cash by individuals have been restricted to the equivalent of UAH 3,000 per day.
The NBU entered changes to Resolution No. 863 in January this year, having improved a procedure for obtaining loans by residents and loans in foreign currency from non-residents. The regulator also streamlined the rules governing the purchase of foreign currency by primary dealer banks that have purchased domestic sovereign bonds denominated in foreign currency.