On July 15, 2014, the Board of the National Bank of Ukraine passed Resolution No. 423 amending some NBU regulations (hereinafter – Resolution No. 423), whereby the National Bank of Ukraine has abolished the mandatory requirement that obliges banks to sell foreign exchange proceeds coming from outside Ukraine in favor of natural persons in the interbank foreign exchange market of Ukraine and eased the rules regulating the procedure for paying out foreign currency funds remitted from overseas in favor of natural persons.
From the day this Resolution comes into force, the provision requiring the authorized banks to sell the foreign exchange coming in favor of natural persons (residents and nonresidents) in an amount equal to or exceeding UAH 150,000 per month becomes invalid.
At the same time, the Rules on the execution of funds transfers within and outside Ukraine sent by natural persons under current non-commercial foreign exchange transactions and the payout of said funds transfers in Ukraine allow the foreign exchange remitted from outside Ukraine in favor of a natural person in an amount not exceeding the equivalent of UAH 150,000 per one business (working) day to be paid out in cash without opening an account. If the amount of funds transferred exceeds the equivalent of UAH 150,000 per one business (working) day, the full amount of funds transferred should be credited to the checking account of the recipient.
In order to streamline the mechanism to perform transactions involving mandatory sale of foreign exchange proceeds earned by legal entities, Resolution No. 423 has amended NBU Board Resolution No. 270, dated May 12, 2014 "On Changing the Settlement Period under Export and Import Transactions and the Imposition of Mandatory Sale of Foreign Exchange Proceeds from Exports" to include the provision under which foreign currency proceeds to the correspondent accounts of non-resident banks opened with the authorized banks and the proceeds arising from the placement of deposits by non-resident banks with authorized banks are exempt from mandatory sale.
In addition, Resolution No. 423 has streamlined the procedure for registration by the authorized banks with the National Bank of Ukraine of the rules for performing arbitrage transactions under the terms of margin trading.
The most recent experience of the banking system operating in the face of challenges emerging in the current year has shown that those banks that experience serious liquidity problems are unable to provide services to natural persons at an adequate level in relation to arbitrage transactions performed under the terms of margin trading. In view of the above, the decision taken by the National bank of Ukraine on declaring a bank insolvent constitutes a ground to repeal the rules for performing arbitrage transactions under the terms of margin trading registered by authorized banks with the National Bank of Ukraine.
Approved by NBU Board Resolution No. 496, dated December 29, 2007, and registered by Ukraine’s Ministry of Justice on February 2, 2008, as No. 74/14765 (amended).
Approved by NBU Board Resolution No. 461, dated November 5, 2012, and registered by Ukraine’s Ministry of Justice on November 26, 2012, as No. 1976/22288.