The National Bank of Ukraine moves ahead with gradual easing of temporary FX restrictions, the relaxation of which will not have a destabilizing impact on the interbank and cash segments of the FX market. Favorable external market conditions and the IMF's decision to approve the third review of Ukraine’s economic program under the Extended Fund Facility (EFF) and disburse the fourth tranche of financial assistance to Ukraine enabled the NBU to push ahead with FX liberalization.

First, the NBU eases surrender requirements for foreign exchange proceeds from exports from 65% to 50%.  This move primarily aims to promote export activities of Ukrainian enterprises that need to import components to produce their products that are subsequently exported. This will make it possible to reduce FX risk exposure faced by these enterprises and enable them to speed up foreign trade operations. However, this relaxation will not lead to a reduction in the FX supply in the interbank market as these enterprises voluntarily sell much more FX proceeds (over 90%) than is required.

Second, the NBU presses ahead with efforts to significantly ease restrictions on the sale of FX cash to individuals as this measure has become less efficient in stabilizing the market after remaining in effect for a long time. Up until now, individuals were allowed to purchase \ foreign currency up to the equivalent of UAH 12,000. From now on, the NBU has raised limits on the sale of FX cash to individuals up to the equivalent of UAH 150,000,  the threshold amount above which  transactions are subject to mandatory financial monitoring. This move will help deepen the official cash FX market and enhance its liquidity.

The respective measures to ease restrictions  are approved by NBU Board Resolution No. 30 of 4 April 2017  On Amendments to NBU Board Resolution No. 410 of 13 December 2016.  The amendments shall take effect from 5 April 2017.