The NBU intends to lift gradually the restriction for legal entities and sole proprietors to buy foreign currency against their commitments. Starting on 20 July, businesses will be able to purchase foreign currency in the amount up to EUR 100,000 (in equivalent) per day and will not need to present their reasons and commitments nor submit confirmation documents to the bank.
“Lifting the restriction for the FX purchase against the commitment is our priority within the framework of further FX liberalization. The situation in the economy and financial markets is now stable, so we keep on loosening requirements.
However, we decided to lift it gradually to have a chance to measure effects of each liberalization step on the market,” ‑ said Yuriy Heletiy, NBU Deputy Governor.
The NBU estimates that the current requirement easing will have no substantial impact on the FX market of Ukraine. On the other hand, it will give banks more room for risk and liquidity management.
The next steps towards the complete removal of the requirement to purchase foreign currency under the commitment will traditionally be carried out after analyzing the developments in the domestic and foreign markets, financial stability, etc., provided the situation in the FX market is favorable.
The relevant amendments were drafted taking into account consultations with international partners and approved by NBU Board Resolution No. 80 On Amendments to the Regulation on Safeguards and Procedures for Certain Transactions in Foreign Currency dated 13 July 2021. The amendments shall take effect on 20 July 2021.
To comply with the Law of Ukraine On Currency and Currency Operations, the NBU set a requirement for legal entities and sole proprietors to purchase foreign currency under commitments or justified reasons, which was provided for by Regulation On Safeguards and Procedures for Certain Transactions in Foreign Currency effective since 7 February 2019.
Complete removal of this restriction is provided for in the Road Map for Lifting FX Restrictions.
Since February 2019, the NBU has cancelled over 40 FX market restrictions and eased most of the effective ones.