The National Bank of Ukraine continues foreign currency exchange liberalization by gradually lifting restrictions in the FX market amid the absence of circumstances threatening its stability.

The NBU Board has allowed purchases and transfers of foreign currency on the basis of the NBU individual license with the purpose of a guarantee deposit outside Ukraine on accounts of international payment systems for banks and nonbank financial institutions. These are funds to be used for ensuring the fulfilment of liabilities when carrying out transfers to foreign states. Previously, funds transfers with the purpose of a guarantee deposit for securing transactions could be carried out only by banks, members of the international payment systems.

Further, the procedure has been clarified regarding exemptions from the prohibition on early repayment of loans, foreign currency loans received by residents from non-residents. Such exemptions cover all types of payments under specified loan agreements, that is, payments for the principal amount, including interest and other payments stipulated by the agreement.

The above changes will facilitate the creation of appropriate conditions for participation of non-bank financial institutions in international payment systems and the further development of economic relations in Ukraine. At the same time, they will not give rise to additional pressure in the FX market.

The outlined steps are codified by NBU Board Resolution No. 101 On Amendments to NBU Board Resolution No. 410 dated 13 December 2016, dated 10 October 2017 and came into force on 12 October 2017.