The National Bank of Ukraine improves the procedure for issuing NBU individual licenses for the transfer of foreign currency abroad and makes it easier for banks to carry out a number of foreign exchange transactions.

First, the NBU specified the list of documents to be submitted for obtaining an individual license from the NBU.  At the same time, in order to prevent the outflow of capital outside of Ukraine, requirements for documents submitted to the NBU have been tightened, in particular through the NBU’s right to request such documents in case of need.

Second, the NBU specified the list of transactions for the transfer of foreign currency outside Ukraine by resident entities that do not require an individual license from the NBU. From now on, the amendments clearly provides for the possibility to transfer funds by a resident-borrower as a compensation to a non-resident-guarantor, provided that this guarantor has paid under guarantee agreement on obligations of such resident-borrower, stipulated in the relevant loan agreement with an authorized lending bank.

The respective amendment are approved by NBU Board Resolution No. 130 dated 14 December 2017 On Amendments to the Regulation on the Procedure for Issuing Individual Licenses for Transfer of Foreign Currency outside of Ukraine for Payment for Investment Metals and Performance of Certain Foreign Exchange Transactions. The amendments come into effect from 15 December 2017.

The NBU also specified the list of reasons for annulment of NBU individual licenses for the transfer of foreign currency abroad by resident economic entities.