The National Bank of Ukraine (NBU) has approved further steps to remove red tape on hard currency transactions in its resolution No. 331 of May 24. The central bank has facilitated a procedure for issuing permits for transactions with foreign currency and the procedure for return of foreign investment.

"Now bank clients who want to carry out a currency transaction will be able not to file documents that are in public access: the extract from the state register of companies and individual businessmen and a copy of the certificate of appraisers issued by the State Property Fund," the NBU said on Tuesday.

Clients no longer are required to provide the translation of SWIFT reports and documents presented both in Ukrainian (or Russian) and other foreign language.

The NBU simplified currency transactions under credit agreements signed by residents with international financial institutions (IFIs). Now additional measures to establish signs of financial transactions that could put operations at risk or threaten the interests of depositors of other bank creditors would not apply to these agreements.

The requirement to obligatorily submit extracts from banks on arrival of foreign currency to Ukraine or documents confirming the creation of an investment deposit using reinvestment by foreign investors is annulled.