The National Bank plans to cancel the mandatory sale of foreign exchange earnings by exporters

From March 1, the norm on mandatory sale of currency earnings will be reduced from 50% to 30%.

The head of the National Bank of Ukraine Yakiv Smolij informed that the National Bank is planning to completely cancel the norm regarding the sale of foreign exchange earnings, which exporters receive. This was reported by Smolij during the conference of the American Chamber of Commerce in Kiev on February 22. "As the market conditions develop, we think that we will cancel this norm at all," said Smolij.

From December 13, 2018, the National Bank continued the mandatory sale of 50% of foreign exchange earnings for exporters until February 6, 2019.

It should be noted that in Ukraine there is a rule that obliges all companies that receive the proceeds in foreign currency (dollars, euros, gold) to sell half of this amount on the interbank market, exchanging it for hryvnia.  This rule was introduced in order to more closely control the exchange rate and avoid its sharp and unpredictable jumps.

Source: Interfax-Ukraine

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