The National Bank of Ukraine has eased surrender requirements for foreign exchange proceeds from foreign currency loans from abroad. Exporters are required to surrender (sell) foreign exchange earnings in the interbank FX market.  On 26 April 2016, NBU Board issued Resolution No. 290 On Amendments to NBU Board Resolution No. 140, dated 3 March 2016, was issued to this effect.

Surrender requirements, which are currently in effect, apply to foreign exchange proceeds received by resident borrowers as foreign currency loans from non-residents. Resolution No. 290 has introduced exemptions from surrender requirements for some types of loans.

From now on, Ukrainian companies shall be exempt from the requirement to sell foreign exchange proceeds from loans extended by a foreign bank to enable companies to settle import bills. Surrender requirements shall not apply to foreign currency transferred as loans directly to the nonresident exporter by a foreign bank creditor without crediting these funds to the current account of the resident borrower with the authorized bank.

This resolution will help boost foreign lending to the real sector of the economy. 

This Resolution shall take effect from 29 April 2016 and remain effective through 8 June  2016.