27 August 2015
The National Bank of Ukraine (the “NBU”), by adoption of its Resolutions No. 544 and No. 551 of 20 August 2015, introduced changes in the Resolution No. 354, which previously imposed restrictions on currency transactions in Ukraine (“Resolution No. 354”).
NBU Resolution No. 544 allows purchase and transfer of foreign currency by а legal entity based on the NBU individual license in the amount up to USD 50,000 (or an equivalent amount in other currency calculated based on the official exchange rate of UAH to foreign currencies set by the NBU as of the date of transfer) within one calendar month on the basis of one individual license.
The above restriction does not apply to certain NBU individual licenses (e.g. individual license for transfer of currency values on accounts outside of Ukraine issued by the NBU to legal entities). In respect of these transactions (regardless of their amount) prohibition of the purchase and transfer of foreign currency continues to be in effect.
NBU Resolution No. 551 introduces additional restrictions concerning the NBU registration of the loan agreements in foreign currency concluded by the residents. Thus, the NBU will not register:
Please note that Resolution No. 354 was adopted with a view to prolong the restrictions on currency transactions, which were introduced at the end of 2014 to stabilize the situation on the foreign currency market of Ukraine. The term of Resolution No. 354 should expire on 3 September 2015. However, in view of the above changes, it is likely that after 3 September 2015 the restrictions on currency transactions will be extended.
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