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NBU will simplify the currency transfers abroad

The National Bank of Ukraine has recently promulgated several decrees that are designed to make it easier for Ukrainian citizens and companies to work with currency. They cancel some restrictions on the transfer of money abroad and investments. All of this is done in pursuance of the law on monetary liberalization. This law will be in force from February next year.

In total, the NBU should develop seven key resolutions that will simplify the rules for this market. Recently, the regulator published the first three decrees that regulate:

  • The structure of the foreign exchange market and the rules of trade in foreign currency and banking metals.
  • The procedure of payments, transactions for the purchase and transfer of foreign currency on the territory of Ukraine and abroad.
  • Cross-border movement of cash national and foreign currency, banking metals and documentary securities by banks, legal entities and individuals.

These decrees will be constantly in effect when Ukraine moves to the model of regulating the foreign exchange market “everything that is expressly forbidden is allowed”. Until that time, temporary regulatory legal acts will be in effect. Norms that will introduce permanent and temporary decrees of the NBU can be seen from this table (the norms of the said decrees are given in the last green column):

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