Date: 3 weeks ago   Category: Financial

The National Bank cancelled a number of currency restrictions


Within currency liberalization and for further improvement of business climate the National bank cancelled a number of administrative restrictions. The national bank cancelled a number of administrative restrictions which caused inconveniences to the Ukrainian companies, foreign investors and diplomatic missions. The press service of the NBU reports about it. First, the limit on financing of own foreign representations and other separate divisions is cancelled. Earlier money transfer to foreign branches was limited to the general limit for legal entities on investment abroad into 2 million euros a year. Secondly, reinvestment of income of foreign investors from operations with the Ukrainian securities becomes simpler. It is authorized to nonresidents to transfer the funds received on securities which are considered in foreign bank depositary, from the corresponding account of this establishment into own account in Ukraine. Thirdly, the ban of payments in cash foreign currency for payment of consular fees by natural and legal entities for legalization of shipping documents in diplomatic missions or consular establishments of the countries who did not join the Hague convention of October 5, 1961 is lifted. Algeria, Afghanistan, Vietnam, Egypt, Indonesia, Jordan, Iraq, Iran, Cameroon, Canada, Qatar, Kuwait, Lebanon, the UAE, Saudi Arabia, Syria, Sudan, Thailand, Uruguay treat such countries. Fourthly, the list of transactions which are allowed to be carried out in foreign currency in the territory of Ukraine is added with operations between financial institution and the Cabinet of Ukraine within international treaties on the credits, grants, loans. Fifthly, the risk - the focused supervision of banks regarding checks of foreign banks contractors, transfer which carry out the Ukrainian companies is improved. Now banks independently on the basis of information from public sources will determine degree of risk of foreign banks contractors by currency transaction. Earlier they used for this purpose the list provided to the NBU on the basis of information of Public service of financial monitoring. Let's note, within decrease in currency restrictions of the NBU since March reduced norm of obligatory currency sales by exporters to 30% and allowed to withdraw dividends. The National Bank made the plan of cancellation of currency restrictions of News from the Correspondent.net in Telegram. Subscribe for our https://t.me/korrespondentnet channel

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