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Currency Liberalization

On 7 February 2019, the NBU launched a new regime of FX regulation that operates on the principle of what is not forbidden is allowed, which is at the core of the new philosophy behind the Law of Ukraine On Currency and Currency Operations adopted in 2018.

The new set of NBU regulations contains eight key regulations that stipulate the process and procedures for FX operations by residents and nonresidents, corporates and individuals, foreign and local investors, the implementation and cancellation of safeguard measures, etc.

As of now, the NBU has already cancelled most of the temporary anti-crisis restrictions imposed on the FX market in 2014–2015 to stabilize it. As regards the restrictions that are still in place, the NBU has already published a roadmap that gradually removes them and outlines prerequisites for a transition to free movement of capital – the ultimate goal of the FX liberalization.