NBU Board Resolution No. 475 of 16 November 2012 “On the Changes in the Settlement Period under Export and Import Transactions and Imposition of a Mandatory Requirement to Sell Foreign Exchange Earnings” (hereinafter referred to as Resolution No. 475) and NBU Board Resolution No. 479 of 16 November 2012 “On Establishment of the Amount of Foreign Exchange Earnings subject to the Mandatory Sale” (hereinafter referred to as Resolution No. 479) came into effect on 19 November 2012,.
The National Bank of Ukraine has passed the Resolutions within its terms of reference as specified by Article 387 of the Economic Code of Ukraine, Articles 7, 25, 44, 45 of the Law of Ukraine “On the National Bank of Ukraine”, Articles 1 and 2 of the Law of Ukraine "On the Procedure of Settlements in the Foreign Currency", Chapters ІІ and ІІІ of Decree of the Cabinet of Ministers of Ukraine No. 15-93 of 19 February 1993 “On Foreign Exchange Regulation and Foreign Exchange Control System”.
Pursuant to Resolution No. 475, for a period of 6 months the National Bank of Ukraine has:
changed the settlement period under export and import transactions, having shortened it from 180 calendar days to 90 calendar days;
imposed a mandatory requirement on the economic entities engaged in foreign economic activity to sell foreign exchange earnings arising from the sale of goods under external contracts.
The mandatory requirement to sell foreign exchange earnings shall apply to earnings in Russian Rubles and foreign exchange of the first group of the Foreign Currency and Banking Metals Classificator. The economic entity shall be obliged to sell foreign exchange earnings without client instruction no later than the next working day after foreign exchange earnings have been credited to a clearing account.
Pursuant to Resolution No. 479, 50% of the amount of foreign exchange earnings is subject to the mandatory sale in the interbank foreign exchange market of Ukraine. The remaining amount of foreign exchange earnings remains at the disposal of residents who may use them in accordance with the foreign exchange regulation rules.