National Bank of Ukraine has improved some procedures for monitoring and control over compliance with set requirements on compulsory sale of foreign currency. The regulator has taken such steps in order to balance the foreign exchange market of Ukraine.

The above issues are regulated by Resolution of the Board of the National Bank of Ukraine No. 534 of August 28, 2014 On Amending Resolution of the Board of the National Bank of Ukraine No. 515 of August 20, 2014.

In particular:

• it is specified that the compulsory sale shall be made exclusively on the following day after such funds crediting to the clearing account;
• it is determined that the authorized banks are not allowed to lift control of customers’ export operations based on documents on termination of obligations by off-set of counter-claims of the same kind – foreign currency inflows from the customers' export operations have to be sold in full and in due course;
• it is established that authorized banks should prevent provision of foreign currency loans to customers (legal entities, individual entrepreneurs and permanent representative offices of non-resident legal entities) in order to use such foreign currency in the domestic market of Ukraine. Such loans may be provided only to pay foreign liabilities of customers;
• it is stipulated that banks shall at the end of the working day provide the itemized request in the prescribed form for the total amount of compulsory sale of foreign currency scheduled for the next working day.

These rules do not impose new rules for currency transactions, while enhancing control and monitoring capacity of the National Bank of Ukraine.