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NBU Eases and Clarifies Some FX Restrictions

NBU Eases and Clarifies Some FX Restrictions

The National Bank of Ukraine (NBU) continues to clarify FX restrictions to minimize potential unproductive capital outflows, in order for citizens to meet their needs and support the economic recovery.

As of 10 March 2022, a number of changes will take effect, such as:

  • cross-border remittances. 

Foreign investors are permitted to transfer funds abroad that will be received after 1 April 2023 for repayment or distribution of income on Ukrainian domestic government bonds according to the terms of bond placement. The implementation of this requirement will encourage nonresidents’ to purchase hryvnia-denominated domestic government bonds, in particular for funds from planned repayments and income distributions.

The NBU has also authorized money transfers abroad to deliver alimony payments.

  • settlements abroad.

The NBU has temporarily prohibited settlements abroad to purchase securities, shares, bonds, and pay for broker services under these transactions with payment cards issued by Ukrainian banks.  The respective amendments are aimed at limiting the unproductive capital outflows and protecting Ukraine’s international reserves.

Please note that the changes do not apply to the use of payment cards to pay for any other goods, works, and services both abroad and in Ukraine. Card-based payments can continue without restrictions.

  • NBU purchases and sales of foreign currency.

The NBU ceases daily cashless transactions to purchase and sell euro and will conduct such transactions in U.S. dollars only. The transactions will executed both on TOD (as usual) and TOM terms (to fulfill the defense needs). As previously reported, before russia’s full-scale invasion on Ukraine, the regulator transacted sales and purchases with banks only in U.S. dollars.

The NBU has also clarified that a bank will be able to buy and sell foreign currency from and to the NBU if this bank did not exceed the open long FX position limits during 10 calendar days preceding the day of its request to the NBU.

In addition, the NBU has regulated a number of other issues. In particular, it allowed citizens to sell investment metals with or without delivery to banks.

The respective changes were made by NBU Board Resolution No. 96  On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 9 May 2022 which comes into force on 10 May 2022.

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