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NBU Continues to Ease FX Restrictions for Businesses and Households

NBU Continues to Ease FX Restrictions for Businesses and Households

The National Bank of Ukraine continues to ease FX restrictions, taking into account the need to maintain macrofinancial stability, protect international reserves, meet the priority needs of the defense, economy, and citizens, as well as the proposals of financial market participants that satisfy those priority needs.

Starting 1 December 2023, the NBU has: 

  • lifted all restrictions for banks and nonbank financial institutions on the amount of cash foreign currency that they can sell to households The NBU estimates that this measure will help minimize the spread between cash and cashless exchange rates and, as a result, stabilize exchange rate expectations and increase the sustainability of the FX market.
  • authorized fund transfers by  the Export Credit Agency (ECA) to reimburse expenses under insurance and reinsurance agreements concluded with foreign insurance (reinsurance) companies, as well as to cover ECA's expenses related to such transactions.
    This was done to enable risk insurance during the armed aggression of russia against Ukraine in order to guarantee the safety of marine navigation, promote stable shipping via maritime routes, and ensure sustainable exports of Ukrainian products through Ukrainian ports. The amendments also provide for the possibility for the ECA to use letters of credit to settle transactions.
    The relevant transactions will be executed to implement the requirements of Resolution of the Cabinet of Ministers of Ukraine No. 1140 On the Allocation of Funds from the Reserve Fund of the State Budget to Guarantee Safety of Navigation and Promote Stability of Maritime Transportation dated 2 November 2023.
  • expanded the list of services for which citizens, including combatants who need treatment or rehabilitation abroad as a result of russia's armed aggression against Ukraine, are allowed to make cross-border transfers.   The relevant list includes additional services related to the process of treatment/rehabilitation in medical institutions of foreign countries, provided that such services are an integral part of the treatment/rehabilitation.
  • authorized payments for services required to create appropriate conditions for students to study abroad, specifically payments for accommodation, student visa, transfers from the dormitory to study premises, meals, insurance, and medical services for emergency medical care as necessary.

Said amendments and other clarifying changes were introduced by NBU Board Resolution No. 155 On Amendments to NBU Board Resolution No. 18 dated 24 February 2023, dated 30 November 2023 and effective 1 December 2023.

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