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Ukrainian Parliament Approves the Draft Law On Currency in the First Reading

17 May 2018

Press Release

 

The National Bank of Ukraine welcomes the adoption of Draft Law No. 8152 On Currency as basis in the first reading by the Verkhovna Rada of Ukraine. 253 MPs have voted for this Draft Law.

 

“Ukraine can finally embrace free FX operations. And restrictions will only be introduced in response to crises,” reassures NBU Governor Yakiv Smolii, “This environment of freedom and security will lift the burden from Ukrainian business and open Ukraine to foreign investors. Thus, new jobs will be created for Ukrainians.”

 

Another benefit is that the draft law gives green light to faster FX liberalization.

 

“We will be able to hold an in-depth review of the burning issues for businesses in terms of FX regulation after the Law enters into effect. For example, this concerns investments abroad and foreign trade operations. We will lift restrictions gradually and carefully,” said the Governor of the central bank.

 

Furthermore, the law will lift the administrative burden from businesses and banks and provide transparent, clear and favorable conditions for foreign investors. Also, the law will enable Ukraine to meet the assumed obligations regarding the free movement of capital under the EU-Ukraine Association Agreement.

 

The Draft Law On Currency was endorsed by international financial institutions, businesses, the banking sector, the expert community, and as of today, by members of the parliament.

 


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Last modification   17.05.2018