In line with its currency regulation liberalization policy, the National Bank of Ukraine (NBU) has introduced certain amendments to the effective currency laws in order to streamline regulation of resident borrowers’ operations on attracting foreign loans to Ukraine.

The NBU will have fully automated procedures for registration, amendment and cancelation of registration of foreign loan agreements in the foreign currency concluded with resident borrowers. These procedures will be initiated by an authorized servicing bank under the agreement by sending a respective electronic document to the NBU, which the NBU special application will use to automatically perform the required procedure.

The amendments also include cancelation of the NBU’s mandatory procedure for review and examination of documents, which was previously implemented whenever a servicing bank detected risk indicators of a financial operation under a foreign loan agreement that required registration or amendments to registration.

The aforesaid will foster further liberalization of currency regulation, improve funding of Ukrainian business entities, and respectively improve the Ukrainian economy as a whole.

These streamlined provisions will enter into effect on 20 August 2018 as prescribed by NBU Board Resolution No. 83 On Amendments to Certain Regulations of the National Bank of Ukraine dated 20 July 2018.