Business society was waiting for review of currency legislation for 25 years - EBA
The European Business Association (EBA) welcomes the adoption of bill No. 8152 on foreign currency by the Verkhovna Rada of Ukraine, the press service of the association has reported.
The association said that business society was waiting for the review of the legislation for over 25 years.
Until recently decree on the system of currency regulation and the currency supervision dated 1993 and some legal acts passed early 1990s regulated the sphere.
The EBA experts said that the bill annuls out-of-date regulation, sanctions for violation of currency legislation, currency supervision for transactions in the amount of up to UAH 150,000, upper limits for the terms of payment under foreign economic transactions of 180 days. The document introduces the full-featured currency liberalization and ensures free flow of capital in line with the Ukraine-EU Association Agreement.
Ukraine received a radically new and progressive law. The EBA hopes that it would provide for transparent and safe conditions for doing business and improve the country's image for potential investors.
The EBA also pointed out the annulment of the registration of loans from nonresidents.