“Everything is permitted that is not forbidden”. Poroshenko has signed the law on foreign exchange operations

“Everything is permitted that is not forbidden”. Poroshenko has signed the law on foreign exchange operations



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The purpose of the law is to establish principles of transparent monetary policy and the creation of a favorable investment climate.

President of Ukraine Petro Poroshenko has signed the law “On currency and currency operations”, which liberalizes the free movement of capital on the currency market, also introduces the legal support of a unified state policy in the sphere of currency transactions.

About it reported in a press-service of the head of state.

“I wanted to congratulate you on this key act of economic freedom. To emphasize again, how important it was. This document can be compared with the ratification of the Association Agreement and visa-free regime. If the Association Agreement and comprehensive free trade area ensures free movement of goods and services, a visa-free regime is a loose contact between people, when Ukrainians can travel to Europe, it is very important that the free movement of capital will be ensured, and it is this law”, – said Poroshenko.

According to the President, the law replaces the decree on currency regulation “which seemed unshakable 25 years, forbade all and went exclusively from the Soviet, “Soviet” model of regulation of the currency market”.

“The implementation of the law for many businesses finally give an answer to a number of important issues. Starting from the output and dividend payments, and ending with the opening of accounts. Ranging from protection at the legislative level of currency positions, and concludes with the principle “everything is permitted that is not forbidden”, – he assured.

Has signed the Law “On currency and currency transactions”. This is another act of economic freedom and our victory! pic.twitter.com/Hp6mX5kGJR

— Petro Poroshenko (@poroshenko) on 4 July 2018.

Note, the proposed model of currency regulation in line with international practice, in particular the requirements of the EU Directive 88/361/EEC on free movement of capital and the Association Agreement between Ukraine and the EU.

The law also introduces the principle of informing the NBU b carried out foreign exchange transactions is the obligation to obtain resident/non-resident individual licenses/permits for single-currency transactions, it removes the possibility of suspension of foreign economic activity and the introduction of individual licensing to violators, there remains only the possibility of penalties GFS.

Instead of exchange controls will be implemented by the foreign exchange supervision, which will be subject to operation for compliance to requirements of currency legislation in the amount of 150 thousand hryvnia.

Identifies the powers of the National Bank to introduce protective measures in the foreign exchange market if there is evidence of the precarious financial state of the banking system, the deterioration of Ukraine’s balance of payments, in circumstances that threaten stability and/or financial system of the state.

We will remind, earlier Poroshenko introduced to the Verkhovna Rada a draft Law “on tax on the capital”.

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