12:18 13.10.2015

NBU mulling cut of limit for mandatory sale of currency income – central bank official

2 min read
NBU mulling cut of limit for mandatory sale of currency income – central bank official

The National Bank of Ukraine (NBU) is mulling the possibility of reducing the limit for mandatory sale of currency income among the top-priority steps to lift currency restrictions, Deputy Governor of the National Bank of Ukraine (NBU) Oleh Churiy has said.

"As for 90 days [the term to return currency to Ukraine], today this restriction is not among the top-priority restrictions that we plan to revoke. Exports from Ukraine, mainly products with low added value are not exports of some sophisticated machines, which requires a longer term to return currency income. There are other more important things included in the plan. This is payment of dividends and the reduction of the limit for mandatory sale of currency income," he said during a briefing at the Ukrainian Crisis Media Center on Monday, without specifying exactly when the policy could be changed.

As reported, the anti-crisis measures which the NBU introduced in 2014-2015 have been extended for another three months until December 4, 2015, according to NBU resolution No. 581 on the settlement of the situation in the monetary and currency market of Ukraine, dated September 3.

In particular, the NBU has retained its requirements on the mandatory sale of 75% of foreign currency earnings and its return to Ukraine in 90 days, daily limits of forex sales to one person within UAH 3,000, and the issuance of cash in the national currency through cash desks and ATMs remains limited to UAH 300,000.

At the same time, the maximum amount of the issuance of foreign currency deposits to one client per day was increased from the equivalent of UAH 15,000 to the equivalent of UAH 20,000.

In addition, the NBU slightly relaxed the ban it had imposed on banks regarding purchases of foreign currency on behalf of resident clients (except for individuals), who have more than $25,000 in the equivalent on bank accounts. The regulator continues to not take into account balances in accounts in foreign currency of the third group.

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