NBU gradually continues liberalization of the currency regulation
Resolution of the National Bank of Ukraine No. 44 ʺOn amendment to some legislative acts of the National Bank of Ukraineʺ of 30 May, 2017 has cancelled some restrictions, which had been imposed earlier on the currency market. Thus, the Resolution has cancelled in full:
Cancellation of restrictions for individuals on transfer of foreign currency outside the territory of Ukraine for non-commercial operations shall come into effect on 12 June, 2017. The other changes, imposed by the Resolution No. 44 of 30 May, 2017, came into effect on 31 May, 2017.
At the same time, together with the cancellation of the abovementioned restrictions, the regulator upheld and extended to 13 December, 2017 (including the date) the requirement on the mandatory sale of currency income from abroad by legal entities, at a rate of 50%. It is to be recalled that the demand on sale of 65% from their currency income (reduced to 50% on April 2017) was imposed by the National Bank of Ukraine on December 2016 and will be in force until 15 June, 2017 inclusively. Consequently, the extension of the mentioned requirement is established by the certain Regulation of the National Bank of Ukraine No. 45 “On implementation of mandatory sale of currency income and settlement of the amount of the mandatory sale of such income” of 30 May, 2017, which shall come into effect on 16 June, 2017.
This Legal Alert is intended as a general overview of latest changes in legislation of Ukraine and does not constitute a legal advice.
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