The National Bank of Ukraine has broadened the range of transactions involving the crediting of foreign currency remitted from abroad to resident individuals' accounts held in Ukraine. On 12 April 2016, the NBU Board issued Resolution No. 256 On Amendments to NBU Board Resolution No. 365, dated 16 September 2013, to this effect.  This resolution amends NBU Board Resolution No. 365, dated 16 September 2013, On the Rules Governing the Way Funds in Foreign Currency Are Credited to Individuals’ Current Accounts Held in Ukraine.

Presently, it is allowed to credit the following foreign exchange proceeds to individuals’ current accounts denominated in foreign currency: 

• interest accrued on a positive balance of their current or deposit accounts;
• funds transferred from another current account held by this individual; and
• funds deposited in cash by this account holder.

Up until now, Crediting other foreign exchange proceeds to individuals’ current accounts denominated in foreign currency has not been allowed. Banks were required to sell foreign exchange proceeds on the interbank forex market and then credit the equivalent hryvnia amount to individuals’ current accounts. 

The NBU has expanded the rules to allow the crediting of foreign exchange proceeds originating from other sources to individuals’ current accounts. The new rules, inter alia, shall apply to:

• funds remitted by relatives in non-cash form;
• funds received on the basis of court decisions or decisions of other authorities (officials) that are subject to enforcement; and
• funds received as foreign exchange proceeds arising from transactions in securities issued by foreign issuers that are allowed to circulate in Ukraine, including the payment of dividends or interest on these securities (dual listing).

On 29 February 2016, the NBU Board issued Resolution No. 123 On Amendments to the Rules for Effecting Money Transfers Related to Current FX Non-Commercial Operations in Ukraine or Abroad and Transfer Payments in Ukraine, which clarified the term “relatives.”  This term is defined as including father, mother, stepfather, stepmother, son, daughter, stepdaughter, stepson, grandmother, grandfather, great grandfather, great grandmother, grandchildren, brothers and sisters (either full or half siblings), cousins, aunts, uncles, nephews, nieces, adoptive parents, adoptees, guardians (as defined by law), legal wards, and current spouse.       

The resolution comes into effect from 14 April 2016.