In order to maintain sustainability of the Ukrainian FX market, the National Bank of Ukraine (NBU) retains the surrender requirement for legal entities to sell 50% of their foreign currency proceeds for the period from 14 December 2018 through 6 February 2019.
As before, FX proceeds of the 1st Group of the Classification of Foreign Currencies and Investment Metals and Russian rubles are to be sold under the surrender requirement. The mandatory sale is transacted without the customer order on the business day following the crediting of proceeds to the distribution account.
Hence, this requirement is prolonged until the Law of Ukraine On Currency and Currency Operations and other regulations of the NBU enter into effect that will build a new liberal system of foreign exchange regulation.
Please be reminded that the beginning of April 2017 was the last time when the NBU changed the amount of the corporate proceeds to be sold from 65% to 50%. This is just one step of the NBU towards liberalization of the FX market and the free movement of capital.
Starting from 7 February 2019, the next stage of FX easements will be implemented covering deregulation of foreign investments, simplified procedures for cross-border household FX transactions and FX purchases in the interbank market by banks’ customers, etc.
The decision on the surrender requirement of FX proceeds of legal entities was approved by NBU Board Resolution No. 138 On the Imposition of Surrender Requirement and Establishment of the Amount of Foreign Currency Proceeds to Sell dated 13 December 2018.