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NBU gradually lifts “anti-crisis” restrictions
Dentons, Kyiv, Ukraine,
Wed, June 15, 2016
On 7 June 2016 the Board of the National Bank of Ukraine (NBU) adopted a new “anti-crisis” Resolution No. 342 (the Resolution.)
The Resolution was adopted to replace the earlier “anti-crisis” Resolution of the NBU No. 140 dated 3 March 2016, as amended, that expired on 8 June 2016. The Resolution partially prolongs the previously effective anti-crisis measures and introduces some simplifications for business.
Among the introduced changes, we note the following:
- The threshold for mandatory conversion of foreign currency proceeds received from abroad into Ukrainian hryvnia was decreased from 75 percent to 65 percent of the amount received.
- The NBU has now allowed repatriation of dividends to foreign shareholders of Ukrainian companies for 2014 and 2015 in the amount not exceeding in each calendar month the higher of (a) US$1 million (in equivalent); or (b) 10 percent of all such dividends that should be paid to a shareholder but not more than US$5 million (in equivalent) in each such calendar month.