NBU Board Resolution No. 476 of 16 November 2012 “On the Procedure for Paying Remittances from Abroad to Natural Persons” shall come into effect on 27 November 2012.
The Resolution has been adopted in accordance with the requirements of Articles 7, 44, 56 of the Law of Ukraine “On the National Bank of Ukraine”, Law of Ukraine No. 5480-VI of 6 November 2012 “On Amendments to Some Legislative Acts of Ukraine with regard to the Expansion of Instruments to Exert Influence on the Money Market”, and 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”.
By virtue of this Resolution, the National Bank of Ukraine has imposed for a period of 6 months the mandatory sale of foreign exchange earnings from abroad in favor of natural persons (residents and nonresidents) in an amount equal to or exceeding UAH 150,000.00 per month.
The mandatory requirement to sell foreign exchange earnings shall apply to earnings in Russian Rubles and foreign exchange of the first group of the Classifier of Foreign Currencies and Banking Metals.
Starting from 27 November 2012, the authorized bank shall be obliged to provisionally credit foreign exchange earnings in favor of natural persons to a separate analytical balance sheet account 2909 “Other accounts payable on bank customers’ transactions”.
In order to meet the requirements of the above mentioned Resolution, the authorized bank shall be obliged to sell foreign exchange earnings without client instructions no later than the next business day after the funds have been credited to the analytical account.
The authorized bank shall credit UAH equivalent amount to the remittance recipient’s current account no later than the next business day upon the mandatory sale of foreign exchange.
In addition, the remittance (remittances) in foreign exchange that has come from abroad in favor of a natural person in an amount equal to or exceeding UAH 150,000.00 within one month shall be paid to the to the remittee in UAH, or this amount shall be credited to the remittee’s current account.