REUTERS
The Cabinet of Ministers of Ukraine intends to take measures for liberalization of currency regulation, including the development of a relevant draft bill and its submission for consideration of the Ukrainian parliament by the end of the year, according to the government action plan for 2016 published on its website Tuesday.
According to the document, the liberalization of currency regulations involves simplification of business activities, deregulation, creating a basis for further development of IT industry, freelance activity, exports of goods and services by small and medium-sized businesses.
Read alsoNBU clarifies procedure for receiving online payments from non-residentsThe Ministry of Economic Development and Trade will be tasked with drafting necessary legislation. The National Bank of Ukraine (NBU) may also be involved in the process, according to the report.
As UNIAN reported earlier, the NBU declared step-by-step liberalization of currency restrictions imposed in 2014-2015 in line with the pace of implementing the preliminary requirements set out in the so-called "road map" that was agreed with the International Monetary Fund.
Read alsoNBU decides to ease part of forex restrictionsOn March 5, the regulator increased the limit of cash withdrawals from banks and ATMs up to the equivalent of UAH 50,000 in foreign currency and UAH 500,000 in national currency per customer per day. Also the limit for the purchase of foreign currency by individuals was increased to the equivalent of UAH 6,000 per day.
At the same time, the NBU extended for another three months major currency restrictions for businesses, 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.
As of February 25, the hryvnia's official rate has fallen against the dollar by 13.4% to 27.2 UAH/USD since the beginning of the year.