The National Bank of Ukraine lifts some administrative restrictions, which were earlier put in place by the regulator to stabilize the crisis situation. NBU Board Resolution No. 544, dated August 20, 2015, On Amendments to NBU Board Resolution No. 354, dated June 3, 2015 (hereinafter – Resolution No. 544) has expanded the list of exclusions from the prohibition on transfer of foreign currency by legal entities based on individual licenses issued by the National Bank of Ukraine. 

Until then, legal entities holding the respective licenses were allowed to trasfer foreign currency abroad in the following three cases.  First, legal entities were allowed to transfer foreign currency abroad to place fx valuables on accounts outside Ukraine. Secondly, in case of foreign exchange transfer abroad by resident guarantor (surety) within limits covered by the guarantee (surety) liabilities under a credit issued by an IFI or with participation of foreign export-and-import agency. Thirdly, legal entities were allowed to transfer foreign currency abroad to pay admission or membership fees in foreign currency.

Resolution No. 544 comes into effect from August 21, 2015. From now on, legal entities will be provided with an additional opportunity to transfer foreign currency abroad on the basis of individual licences in other cases. The amount of a transfer in foreign currency shall not exceed USD 50,000 (in the equivalent) within one calendar month per individual license.

Ukraine’s economy will benefit from this move. “On the one hand, the easing of restrictions  will resolve the problems in the area of operating activities  faced by  business  entities engaged in foreign economic activities.  On the other hand, this move will  not have a negative impact on the FX market given the insignificant amount of such transactions,” explained Director of the Open Market Operations Department Serhii Ponomarenko.