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NBU Updates Legal Framework for FX Transactions

NBU Updates Legal Framework for FX Transactions

The National Bank of Ukraine has updated a number of regulations governing the execution of foreign exchange transactions by nonbank financial institutions to bring them in line with the Ukrainian law.    

The amendments provide that from 1 July 2021, the format and content of a settlement document of an electronic fiscal device or programmable cash register  (hereinafter referred to as CR) for FX transactions shall be set by the Ministry of Finance and approved by the NBU.

Therefore, the central bank has declared Resolution No.16 On Document for Foreign Exchange Transaction Accounting and Registration, as amended, null and void.

Before 1 July, the format and content of such documents was set by the NBU and approved by the Ministry of Finance.

These amendments were approved by NBU Board Resolution No. 66 On Declaring Void Certain Regulatory Documents of the National Bank of Ukraine and Resolution No. 67 On Amendments to Regulation On the Conduct of Transactions with Currency Valuables. Both Resolutions take effect on 1 July 2021.

For reference

The new format and content of the CR settlement document, effective 1 July 2021, are specified in the Regulation On the Format and Content of Settlement Documents/Electronic Settlement Documents approved by Ministry of Finance Order No.13 dated 21 January 2016, as amended by Order No. 329 dated 8 June 2021.

The amendments are due to the adoption of Law No.1017–IX On Amendments to the to the Tax Code of Ukraine and Other Laws of Ukraine, which entered into force on 10 December 2020.


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