Starting 16 June 2023, the National Bank of Ukraine will allow resident borrowers to transfer funds abroad to fulfill their liabilities under foreign loans that were:
- secured by a guarantee or surety of an international financial institution
- granted with the participation of a foreign export credit agency or a foreign state through an institution authorized by it or through a foreign legal entity whose shareholders include a foreign state or a foreign state bank.
The NBU has also determined that residents will be able to conduct such transactions in accordance with the terms of repayment of the principal and interest specified in the loan agreement. This preventive measure will help offset unproductive capital outflows, protect international reserves, and maintain sustainability of the FX market.
The NBU estimates that as a result of this easing, new credit inflows to Ukraine will significantly exceed the outflows due to the repayment and servicing of existing loans. Allowing fund transfers abroad to repay some categories of external loans will improve conditions for attracting funds to Ukraine. In addition, these changes will help expand the ability of international partners to channel funds towards the recovery of the Ukrainian economy.
The NBU made the relevant decisions to ease FX restrictions in view of the stable situation on the FX market, the sufficiently high levels of international reserves, and the increased maturity of funds in the banking system. The NBU maintains an active dialogue with the government of Ukraine and the foreign partners, including the IMF, on further easing of the FX restrictions.
The above changes were introduced by NBU Board Resolution No. 73 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022, dated 15 June 2023 and effective from 16 June 2023.