In order to liberalize some transactions with the hryvnia correspondent accounts of non-resident banks, on February 6, 2014, the Board of the National Bank of Ukraine passed Resolution No. 45 that amended a previous NBU regulation. The resolution was registered by Ukraine’s Ministry of Justice on March 3, 2014, as No. 343/25120 ("Resolution No. 45").

Resolution No. 45 amends the Regulation that regulates the opening and functioning of resident and non-resident banks' correspondent accounts in the foreign currency, and non-resident banks’ correspondent accounts in the national currency, which was approved by NBU Board Resolution No. 118, dated 26 March, 1988, and registered by Ukraine’s Justice Ministry on April 10, 1998, as No. 231/2671.

Thus, the NBU has allowed banks, if the national currency of the jurisdictions in which they are incorporated is included in the 2nd or 3rd group of the foreign currency and banking (investment) metal classification, to use hryvnias to purchase any foreign currency from these groups, and not just the national currency of a non-resident bank’s jurisdiction.

This should enable Ukrainian authorized banks to maintain appropriate correspondent relations with non-resident banks.

The resolution comes into force on the day of its official publication.

 Approved by NBU Board Resolution No. 34, dated February 4, 1998, (as amended by NBU Board Resolution No. 378, dated October 2, 2002, and registered by Ukraine’s Ministry of Justice on October 24, 2002, as No. 841/7129) (as amended from time to time).