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Featured Galleries CLICK HERE to View the Video Presentation of the Opening of the "Holodomor Through the Eyes of Ukrainian Artists" Exhibition in Wash, D.C. Nov-Dec 2021 USUBC COLLECTION OF OVER 160 UKRAINE HISTORIC NEWS PHOTOGRAPHS 1918-1997 "HOLODOMOR 1932-33: THROUGH THE EYES OF UKRAINIAN ARTISTS" - COLLECTION OF POSTERS AND PAINTINGS USUBC COLLECTION OF HISTORIC PHOTOGRAPHS ABOUT LIFE AND CAREER OF IGOR SIKORSKY PHOTOGRAPHS - INVENTOR OF THE HELICOPTER Ten USUBC Historic Full Page Ads in the Kyiv Post
NBU amends currency legislation
Dentons Law Firm, Kyiv, Ukraine
Thu, May, 29, 2017
Within the framework of its gradual liberalization policy, the National Bank of Ukraine ("NBU") introduced certain changes to the applicable currency legislation. These changes were approved by NBU Resolution No. 41 dated 26 May 2017.
NBU introduced the following novelties:
- It is now allowed to purchase foreign currency transfer proceeds received from the sale of securities / corporate rights, share capital reductions and exits from companies, in an amount not to exceed the equivalent of US$5,000,000 per one month.
- No such restrictions apply to the transfer of foreign currency proceeds from the sale of Ukrainian state bonds or from the sale of debt/listed securities on stock exchanges. In force from 12 June 2017.
- The temporary reduction for the settlement period under export and import transactions to 120 days was cancelled. As a result, the standard settlement period of 180 days, as provided by the Law of Ukraine "On Conducting of Foreign Currency Payments", is now applicable. In force from 26 May 2017.
- Ukrainian borrowers are allowed to prepay their cross-border loans within the amount equal to the amount of security granted by an international financial institution to secure the payments under such transactions (by means of guarantees, letters of credits, through Ukrainian and/or foreign banks). In force from 12 June 2017.
- Also under the Resolution Ukrainian banks are required to identify an ultimate beneficial owner of a foreign lender (other than a bank) in the course of registration of a cross-border loan agreement with a Ukrainian borrower. In force from 12 June 2017.