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NBU Continues to Ease FX Restrictions

NBU Continues to Ease FX Restrictions

The National Bank of Ukraine has eased a number of FX restrictions to improve the operation of cash segment of the FX market, increase opportunities for the defenders of our country, people affected by hostilities, and other categories of the population to undergo modern types of rehabilitation, and to create conditions for the state-owned companies to restructure their external loans.

Changes have been introduced from 16 September 2023 regarding the following:

Increasing the supply of cash foreign currency

The NBU has consistently been taking steps to increase the regulatory capacity of financial institutions to sell cash foreign currency in order to level the difference between cash and cashless exchange rates, thereby enhancing the stability of the FX market and stabilizing exchange rate expectations.

To the same end, the NBU has expanded the possibilities for banks and nonbank financial institutions to sell cash foreign currency.  

Starting from 16 September 2023, when calculating the amount of cash foreign currency that can be sold in the FX market, a bank or a nonbank financial institution will take into account balances of cash foreign currency accounted for in their cash desks as of 13 April 2022. 

Thus, authorized institutions will sell cash foreign currency to customers within the amount defined as the sum of the following components:

  • cash foreign currency balances as of 13 April 2022 
  • the surplus of purchased over sold cash foreign currency by all foreign currencies as calculated starting from 13 April 2022 and continuing in the next operational/business days  
  • 120% of purchased from individuals noncash foreign currency by all foreign currencies as calculated starting from 13 April 2022 and during the next operational/business days.

The sum of components is calculated in USD equivalent that is defined based on the official UAH/foreign currency exchange rate established by the NBU as of the date of such calculation.

Expanding the list of medical services for which individuals can pay by making cross-border transfers

Taking into account requests from nongovernmental organizations and banks, the NBU has expanded the list of medical services for which individuals can pay by transferring funds abroad. The relevant list has been supplemented with services for rehabilitation, purchase of prostheses and their components, as well as prosthetic fitting, maintenance and repair services. 

This is important for restoring the health of people with disabilities, including combatants in need of prosthetics.

Unblocking payments on restructured external debt 

The NBU has allowed state-owned enterprises and business entities (100% of shares of which are state-owned) to transfer funds abroad to fulfill their liabilities to a nonresident on loans that have been restructured on terms agreed by the Cabinet of Ministers of Ukraine. In addition, the NBU has authorized other payments related to the servicing of such restructured liabilities.

These changes will facilitate the proper completion of the external debt restructuring by state-owned institutions.

Said measures, as well as a number of other clarifying amendments, were approved by NBU Board Resolution No. 155 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 15 September 2023, which takes effect on 16 September 2023.

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