In order to promote the de-dollarization of the Ukrainian economy and enhance the status of the national currency, the Board of the National Bank of Ukraine adopted Resolution No. 476 of 16 November 2012 “On the Procedure for Paying Remittances from Abroad to Natural Persons” (hereinafter referred to as Resolution No. 476). Resolution No. shall come into effect on 27 November 2012.

By virtue of Resolution No. 476, the National Bank of Ukraine has imposed a mandatory requirement to sell foreign exchange earnings from abroad in favor of natural persons (residents and nonresidents) in the foreign exchange market in an amount equal to or exceeding UAH 150,000.00 due to one natural person within one month. The mandatory requirement to sell foreign exchange earnings shall apply to earnings in Russian Rubles and foreign currency of the first group of the Classifier of Foreign Currencies and Banking Metals.

According to Ms. Nataliia Syniavska, Director of General Department of Information Technologies and Payment Systems, this restriction applies to the large-amount remittances made by residents or nonresidents. The amount transferred shall be credited in the relevant foreign exchange equivalent and sold in the foreign exchange market no later than the next business day. These funds shall be credited no later than the next business day to the remittance recipient’s current account in UAH equivalent calculated based on the exchange rate set by the bank-seller under the terms of the contract.

“The average amount per remittance coming to Ukraine is USD 574. Therefore, this restriction is unlikely to create obstacles to transferring money by using payment systems,” noted Ms. Nataliia Syniavska.