NBU repeals mandatory conversion of proceeds
in foreign currency

DLA Piper, Kyiv, Ukraine,
Thu, June 20, 2019

Access the Ukrainian version: НБУ відмовляється від обов'язкового продажу валютних надходжень

With effect from 20 June 2019, the National Bank of Ukraine (NBU) cancels a requirement for mandatory conversion of proceeds denominated in foreign currency. Previously 30% of proceeds received by Ukrainian entities in foreign currency shall be automatically converted into hryvna.

The amendments were introduced by NBU Regulation No. 78 “On Amendments to Regulation on Protection Measures and Procedure for the Conducting of Certain Transactions in Foreign Currency” dated 18 June 2019.

According to the NBU these amendments are part of FX liberalisation plan implementing by the NBU after February 2019 when the Law of Ukraine “On Currency and Foreign Currency Transactions” became effective.