National Bank of Ukraine simplifies currency control rules

The National Bank of Ukraine has recently announced some changes in currency control rules. The changes were approved by the National Bank of Ukraine on February 23, 2017 and took effect from 25 February 2017.

The National Bank adopted the below simplifications:

- Cancelation of individual licenses for Ukrainian individuals from the National Bank of Ukraine

- Simplification of foreign currency exchange rules for Ukrainian businesses

- Introduction of additional reason for National Bank of Ukraine to refuse granting of individual license

Individuals, citizens of Ukraine, can now perform the following actions outside Ukraine without individual licenses issued by the NBU:

- deposit and hold funds accumulated from sources outside Ukraine on their foreign bank accounts;

- perform foreign investments using their funds originating from abroad.

At the same time, individuals shall still need to obtain individual licenses from the National Bank for the transfer of funds from Ukraine for investments abroad or placement of funds originating from Ukraine into overseas accounts.

Ukrainian legal entities and private entrepreneurs will be allowed to purchase foreign currency if their current or deposit account(s) hold less than USD 100,000 (or its equivalent in another foreign currency). Previously, this threshold was much lower at USD 25,000.

Additionally, per the new rules, The National Bank of Ukraine will refuse to grant individual licenses for certain operations if they involve, or bear the benefit for, a Russian individual or a Russian legal entity.

Nadiya Omelchuk
Country executive
E: nadiya.omelchuk@eurofast.eu
Tel: +38 044 278 12 66

 

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