The national Bank announced major changes in the foreign exchange market

The national Bank of Ukraine is going to alleviate a number of administrative restrictions on the foreign exchange market.

This was stated by the acting Chairman of the national Bank of Ukraine Yakov Smoliy.

“First, we intend to increase the maximum period for the settlement of transactions on exports and imports of goods from 120 to 180 days, and secondly, provide investors with the ability to return invested in Ukraine”, – he stressed.

Smoliy said that until now it was illegal to buy and transfer foreign currency to return abroad funds received by foreign investors from sale of corporate rights, from the reduction of the statutory capital of legal entities out of business entities foreign investors.

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“We plan to allow such operations. At the same time to prevent capital flight through shadow schemes we will see that these operations correspond to a specific list of conditions,” he said.

In addition, the national Bank intends to lift the ban on the purchase and transfer currency to return abroad funds received by foreign investors under transactions on sale of securities of Ukrainian issuers.

“Fourth, the Bank’s customers will be able to buy currency in the interbank market, irrespective of the remnants of the currency, which he has in Bank accounts,” – said resin.

According to the acting Chairman of the national Bank, these steps will help improve the investment climate in Ukraine and facilitate the activities of enterprises engaged in foreign trade activities.

“None of these steps will not result in the destabilization of the situation on the currency market”, – he concluded.

We will remind, the NBU is ready to adjust monetary policy in case of sudden increase of pensions. At the same time the representative of the Governor said that pension reform needed to ensure the stability of public finances and price stability.