The national Bank has eased foreign exchange restrictions two
Today, April 5, the national Bank weakened the two foreign exchange restrictions.
The appropriate decision of the NBU adopted yesterday after news that the international monetary Fund will provide Ukraine the next tranche in the amount of 1 billion US dollars.
First, the liberalization of the exchange regulation relating to business. Now exporters must sell 50% of their foreign exchange earnings from abroad. Earlier it was mandatory to have 65%.
“This step is aimed at further promoting export activities of Ukrainian enterprises that have the need for import for production, which subsequently sold abroad. This will reduce for such enterprises, exchange rate risks and expedite foreign trade operations. At the same time, this relief will not result in the reduction of foreign currency supply on the interbank market, because today the enterprises sell much more foreign exchange earnings than are required, – more than 90%,” – said the NBU.
The regulator also allowed individuals to buy more foreign currency in cash in one day – up to 150 thousand UAH equivalent. Previously, it was limited to 12 thousand UAH.
“From now on, the national Bank increased the maximum amount of 150 thousand UAH, that is, up to the amount above which financial cash operations subject to compulsory financial monitoring. This step will help to increase the depth and liquidity of the official cash foreign exchange market”, – noted in the NBU.