Date: 7 months ago   Category: Financial

The NBU prepared the new system of currency regulation


The full package from seven drafts of resolutions of a new system of currency regulation is published. The national bank on Wednesday, December 19, published a full package from seven drafts of resolutions of a new system of currency regulation which will come into force since February 7. It is reported on the website of the NBU. Standards of the published draft of the Provision on application of measures of protection are directed to counteraction to the crisis phenomena. The document will be temporary action - before final transition to full freedom of carrying out currency transactions. It is supposed that this Situation does not introduce new currency restrictions, at the same time expanding possibilities of carrying out separate currency transactions. In particular: deadlines of calculations for operations on export and import of goods double up to 365 days; the automated system of electronic limits to replace individual licenses for separate currency transactions of the translation by residents of means abroad is introduced; currency supervision of operations of purchase and transfer of foreign currency in an equivalent to 150 thousand UAH becomes simpler; the list of available currency transactions of clients with banks extends, in particular, carrying out currency swaps and non-deliverable forwards is allowed; there is possible an online purchase by natural persons of foreign currency and bank metals within 150 thousand. UAH in an equivalent in day; acquisition of bank metals by legal entities without physical delivery to 150 thousand UAH in an equivalent in day is allowed; the translations of natural persons abroad to 150 thousand UAH without opening of the account are allowed. At the same time the document prolongs action of a number of restrictions which already work at the moment, after entry into force of the Law of Ukraine On currency and currency transactions. In particular: restrictions of repatriation of dividends abroad in foreign currency for the sum of 7 million euros a month, and repatriations of investments (sale of not listing stocks and corporate bonds) — the sum of 5 million euros a month; will lock granting the credits (loans) in hryvnia to nonresidents; receiving external loans only through one bank; purchase of currency in the interbank market for implementation of obligations under the external economic contracts only through one bank and on the terms of T 1; will lock purchases of currency without obligations under the external economic contracts or for proceeds of credit; preservation of currency supervision of operations of clearing of obligations; saving the requirement of rather obligatory sale of receipts in foreign currency in favor of legal entities of 50%. The specified measures of protection will be cancelled in process of improvement of macroeconomic conditions in Ukraine according to the road map of the liberalization developed together with the IMF. Removal of all restrictions in the foreign exchange market and transition to the mode of free capital flow remains an ultimate goal of the NBU. The structure of new currency regulation will consist of seven new key normative legal acts: No. 1: structure of the foreign exchange market and rights

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