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NBU Lifted Completely Surrender Requirement on Foreign Currency Proceeds

19.06.2019

 

NBU Lifted Completely Surrender Requirement on Foreign Currency Proceeds

 

This is stated in an information message from the regulator press service. Previously, there was a requirement within Ukraine that obliged all companies that receive foreign currency proceeds to sell part of the proceeds on the interbank FX market, exchanging it for hryvnia, to control the exchange rate and avoid its sudden jumps.

According to the NBU, the current requirement that obliges entrepreneurs to sell 30% of their foreign currency proceeds in the interbank FX market will no longer be effective starting from 20 June 2019. However, the proceeds of businesses that will be credited to their distribution accounts on 19 June will not be subject to the obligatory sale.

The National Bank also believes this loosening measure won't have any adverse impact on the macroeconomic stability. In fact, according to the statistics of recent years, both when the surrender requirement was at 50% and when it was reduced down to 30%, businesses sold over 90% of foreign currency in total.

The NBU continues the currency liberalization according to the roadmap, which envisages gradual lifting of all currency restrictions, emphasized in NBU.

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