National Bank of Ukraine relaxed the requirements applying to certain foreign exchange transactions, which were introduced by Resolution of the National Bank of Ukraine Board No. 540, dated August 29, 2014 “On the introduction of additional mechanisms to stabilize the money and foreign exchange markets of Ukraine” (hereinafter – Resolution No. 540).

In particular, the procedure for performing foreign economic activities by agricultural producers, transactions involving foreign export credit agencies, and letters of credit transactions has been simplified.  

In addition, the possibility is envisaged for residents to perform foreign exchange transactions involving payment for travel, transportation and communications services, payment for operating expenses of line-haul vehicles operating on international routes, foreign exchange transactions involving the transfer of funds earmarked to pay for treatment of individuals by charities, and other import transactions.

Resolution No. 540 was amended by Resolution of the National Bank of Ukraine Board No. 626, dated October 3, 2014, “On amendments to NBU Board Resolution No. 540, dated August 29, 2014” (hereinafter – Resolution No. 626).

Resolution No.626 has specified that restrictions imposed by Resolution No. 540 on sale of foreign exchange cash and withdrawals of foreign exchange cash from checking and savings accounts shall apply to transactions with banking metals. 

Resolution No. 626 comes into force from October 4, 2014.