The National Bank of Ukraine prolongs most of the currency control restrictions
PwC, Kyiv, Ukraine
Tue, Dec 8, 2015
On 4 December 2015 the National Bank of Ukraine (the “NBU”) prolonged most of temporary currency control restrictions*. At the same time, the NBU decided to ease certain restrictions**, in particular:
- individuals can transfer foreign currency abroad for cashless payment by electronic means for purpose of buying products and services for own use;
- obligatory sale of foreign currency is not applied to the loans provided to the resident with participation of foreign export-credit agency.
However, the NBU introduced certain additional restrictions. Among others, the NBU now is entitled to deny purchase/transfer of foreign currency under client’s application, if banks’ activity contains risky features, or financial transactions show that the bank is used for money laundering.
Previous and newly introduced restrictions will be effective until 4 March 2016 (inclusive).
We will continue to monitor the situation and keep you updated on the issue.
* NBU Resolution No. 863 dated 4 December 2015.
** Please refer to the following Flash-reports: #10 dated 25 February 2015, #13 dated 4 March 2015, #24 dated 5 June 2015 and #39 dated 7 September 2015.
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