The National Bank of Ukraine moves ahead with the liberalization of FX regulation and relaxation of FX controls over residents’ foreign trade operations.
Further measures in this regard have been approved by NBU Board Resolution No. 368, dated 11 August 2016 On Amendments to Some NBU Regulations.
In particular, this resolution has allowed residents to submit to banks both original documents and e-copies thereof required to register loan agreements (amendments thereto) entered into with nonresidents, to perform payment transactions under these agreements, and to settle transactions with nonresidents via UAH correspondent accounts of non-resident banks with authorized banks, etc.
Also, the NBU expands the financing opportunities for domestic companies to finance import operations through the simplification of the rules governing the use of external financing opportunities provided by foreign export-and-import agencies.
The aforementioned amendments are expected not only to facilitate the deployment of sophisticated communication technologies in the banking sector, but also to help boost foreign trade.
The amendments shall take effect from 18 August 2016.
On August 4 2016, the NBU Board approved Resolution No. 366 On Amendments to Some Regulations of the National Bank of Ukraine, whereby the regulator allowed banks and their customers to deploy sophisticated communication technologies, and use e-documents, and e-copies of documents when purchasing and transferring foreign currency.