Legal Alert: NBU Extends Key Currency Control Res... | KPMG | UA

Legal Alert: NBU Extends Key Currency Control Restrictions until September 2015

Legal Alert: NBU Extends Key Currency Control Res...

9 June 2015


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On 3 June 2015 the National Bank of Ukraine (the “NBU”) adopted Resolution No. 354 (the “Resolution”). It extends the effect of a number of currency control restrictions in Ukraine until 3 September 2015. These restrictions were enacted at the end of 2014 amid abrupt downfall of the national currency (namely, Hryvnia) with the purpose to stabilise the situation on the foreign currency market of Ukraine. Their effect has been constantly prolonged since then. However, this time the NBU has lifted some administrative restrictions:

  1. limits on domestic currency cash disbursement through cashier’s offices and ATMs by one customer are raised from UAH 150 thousand to UAH 300 thousand per day;
  2. a client-resident of the bank (except for individuals) is allowed to purchase foreign currency at the foreign currency market of Ukraine, if the amount of foreign currency in the deposit account of such individual does not exceed USD 25 thousand (in equivalent). Earlier that threshold amounted to USD 10 thousand (in equivalent); and
  3. a threshold of payments for works, services and IP rights, which should be subject to price analysis control by a bank, is increased from EUR 25 thousand to EUR 50 thousand.

The Resolution became effective on 4 June 2015. We will continue monitoring of the situation and will let you know about any further developments.

In case additional consultation required on the abovementioned issues, please do not hesitate to contact Tatiana Zamorska (+380444590026) or contact us at general office number (+380444905507).

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