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NBU introduced mandatory sale of foreign currency proceeds and shortened the period for export and import settlements
DLA Piper Ukraine, Kyiv, Ukraine, Friday, November 23, 2012
MANDATORY SALE OF PROCEEDS IN FOREIGN CURRENCY
National Bank of Ukraine ("NBU") introduced mandatory sale of foreign currency proceeds received by individuals and legal entities.
Specifically, 50% of export proceeds in foreign currency obtained by the legal entities - residents of Ukraine from sale of goods are subject to mandatory sale. At the same time payments received by individuals (both residents and non-residents of Ukraine) from abroad in the amount exceeding the equivalent of UAH 150,000 per month are also subject to mandatory sale.
The above mentioned mandatory sale of foreign currency proceeds must be performed on the next business day following the receipt of the foreign currency to the bank account.
Mandatory sale is applicable to foreign currency of the first group of the NBU classifier (among the others US Dollars, Euro, Pounds and other freely convertible currencies), banking metals, as well as Russian rubles.
Mandatory sale is imposed as a temporary measure for the six months period starting for legal entities on 19 November 2012, and for individuals on 28 November 2012.
THE 90 DAYS RULE
NBU shortened 180 days period for performing payments under the export and import transactions of residents of Ukraine to 90 days.
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The above mentioned amendments are introduced by the NBU regulations all dated 16 November 2012: No. 475 "On the Change of Period for Settlements under Export and Transactions and Introduction of Mandatory Sale of Foreign Currency Proceeds"; No. 476 "On the Procedure of Payment of Transfers from Abroad to Individuals" and No. 479 "On Establishment of the Amount of Foreign Currency Proceeds Mandatory for Sale".
Should you have any questions, please, do not hesitate to contact us.
Oleksandr Kurdydyk
Partner, Head of Finance & Projects
T +380 (44) 490 95 70
F +380 (44) 490 95 77
E oleksandr.kurdydyk@dlapiper.com
Illya Muchnyk
Legal Director, Finance & Projects
T +380 44 495 17 80
F +380 44 490 95 77
E illya.muchnyk@dlapiper.com
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