11:56 05.04.2017

NBU eases requirements for FX proceeds from exports to 50%

NBU eases requirements for FX proceeds from exports to 50%

The National Bank of Ukraine (NBU) eases surrender requirements for foreign exchange (FX) proceeds from exports from 65% to 50%, the central bank has reported on its website.

"This move primarily aims to promote export activities of Ukrainian enterprises that need to import components to produce their products that are subsequently exported. This will make it possible to reduce FX risk exposure faced by these enterprises and enable them to speed up foreign trade operations," the NBU said.

The central bank said that this relaxation will not lead to a reduction in the FX supply in the interbank market as these enterprises voluntarily sell much more FX proceeds (over 90%) than is required.

In addition, the NBU presses ahead with efforts to significantly ease restrictions on the sale of FX cash to individuals as this measure has become less efficient in stabilizing the market after remaining in effect for a long time. Up until now, individuals were allowed to purchase \ foreign currency up to the equivalent of UAH 12,000.

"From now on, the NBU has raised limits on the sale of FX cash to individuals up to the equivalent of UAH 150,000, the threshold amount above which transactions are subject to mandatory financial monitoring," the regulator said.

The respective measures to ease restrictions are approved by NBU Board resolution No. 30 dated April 4, 2017 amending NBU Board resolution No. 410 dated December 13, 2016. The amendments took effect on April 5, 2017.

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