On 6 February 2014, the National Bank of Ukraine ("NBU") passed a resolution introducing restrictive measures on the foreign exchange market*. As stated in its text, the resolution comes into effect on 7 February 2014.

The measures introduced include:

• prohibition of purchase of foreign currency for early repayment of loans under agreements with nonresidents, as well as for the investments abroad;
• purchase of foreign currency by individual entrepreneurs must be made only after expiration of six operating days after the relevant order;
• currency transfers must be made only within the amounts of opening balances on the accounts (proceeds during the day to be disregarded);
• individuals are allowed to purchase foreign currency for non-trade transactions in the amount not exceeding UAH 50,000 per person per calendar month.

It should be noted that the resolution was sent out by e-mail to commercial banks. Currently, we do not have information on its registration with the Ministry of Justice of Ukraine.

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* Resolution of the National Bank of Ukraine No. 49 "On Measures with Regard to the Activities of Banks and Foreign Exchange Transactions" of 6 February 2014.