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NBU Raises Limit for Investments and Deposits Abroad by Individuals up to EUR 100,000 per annum

Within the  currency liberalization framework, the National Bank of Ukraine (NBU) has doubled the e-limit for some retail FX remittances, including for investment abroad or foreign deposits to EUR 100,000 per annum. This step is prescribed in the road map for currency liberalization and is reasoned considering further improvement of the macroeconomic situation in Ukraine. 

The NBU estimates that yet another loosening up will have no substantial impact on the currency market. Since 7 February 2019, when electronic licenses were cancelled and automatic e-limits were launched, individuals have remitted over EUR 85 million abroad within said limits. This amount is several times lower than the average daily trading on the interbank market.

Ukrainians will enjoy the increased e-limit already this year. Customers that have already remitted EUR 50,000 according to the previous limit will be able to transfer the same amount in line with the new limit till the end of this year.

In line with the road map for currency liberalization, ultimate cancellation of the e-limit for individuals will not be possible until approval and implementation of a package of draft laws on combating BEPS (Action Plan on Base Erosion and Profit Shifting).

An increase in the e-limit for individuals was approved by NBU Board Resolution No. 149 On Amendments to the Regulation On Safeguards and Procedures for Certain Transactions in Foreign Currency dated 12 December 2019. Amendments will come into effect on 18 December 2019.

For reference:

In compliance with the e-limit, individuals are permitted to remit foreign currency (or hryvnia) abroad or to current accounts of corporate nonresidents opened in Ukraine in order to meet liabilities to nonresidents under health insurance agreements, for investments abroad, for depositing funds to own account outside Ukraine, and for issuing a foreign currency loan to a nonresident.

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