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The mandatory sale of currency receipts is abolished On June 18, 2019 the Board of the National Bank of Ukraine has adopted the Resolution No. 78 «On amendment to the Regulation on Safeguards and Procedures for Certain FX Transactions» (hereinafter – the Resolution No. 78) which fully eliminates the requirement of mandatory sale of currency revenues. It is to be recalled that the requirement of mandatory sale of foreign currency revenues on exchange market in the amount of 30 per cent had been introduced as of March 1, 2019 in accordance with the Section III of the «Regulation on Safeguards and Procedures for Certain FX Transactions» approved by the Resolution of the Board of the National Bank of Ukraine No. 5 dated 2 January 2019. The Resolution No. 78 has been adopted by the regulatory institution within the framework of liberalization of currency transactions which provides for gradual elimination of all currency restrictions with the aim of improving macroeconomic environment in Ukraine and is effective as of June 20, 2019. At the same time, the National Bank of Ukraine has made it clear that business currency revenues credited to clearing accounts during June 19 of this year, will not be subject to the requirement of mandatory sale. ______________________________________________________________ This Legal Alert is intended as a general overview of latest changes in legislation of Ukraine and does not constitute a legal advice. For further information please contact Antika Law Firm: 12, Khreschatyk Str., 2nd floor, Kyiv, 01001, Ukraine tel./fax: +38 044 390 09 20/21 |
