Ukraine will refrain from introducing new currency restrictions during IMF program

11:29, 12.06.2020 1 min read

Ukraine will refrain from introducing new currency restrictions during the Stand-By Arrangement (SBA) of the International Monetary Fund (IMF), according to the letter of intent signed by the president, the prime minister, the heads of the Ministry of Finance and the National Bank of Ukraine (NBU) and published by the fund on June 11.

"During the period of the Stand-By Arrangement, Ukraine will not impose or intensify restrictions on the making of payments and transfers for current international transactions, introduce or modify multiple currency practices, conclude bilateral payments agreements that are inconsistent with Article VIII, and impose or intensify import restrictions for balance of payments reasons," the document says.

At the same time, Ukrainian authorities asked for approval of maintaining restrictions on exchanges and multicurrency practices incompatible with Article VIII of the IMF charter, which have not yet been canceled due to difficulties with the balance of payments.