On 7 February 2019, the NBU introduced a new regime for regulating FX transactions based on the philosophy laid out in the Law of Ukraine On Currency and Currency Operations, which was passed in 2018.

Eight key Resolutions governing the procedure for FX transactions are based on this principle: "Everything that is not forbidden is allowed."

Prior to the full-scale war, the NBU made significant progress on the currency liberalization track, canceling the vast majority of the temporary emergency measures introduced to stabilize the FX market in 2014–2015.

On 24 February 2022, however, the central bank was forced to apply harsh administrative controls to prevent panic and maintain macrofinancial stability.

The NBU is currently working to create prerequisites for a gradual easing of restrictions within the framework of the Strategy for Easing FX Restrictions, Transitioning to Greater Flexibility of the Exchange Rate, and Returning to Inflation Targeting.