The requirement of the obligatory currency earnings sale by the business has been cancelled

The National Bank of Ukraine (hereinafter called the NBU) has cancelled the requirement of the obligatory currency earnings sale in order to further simplify business operations in Ukraine.

The norm, which obliges entrepreneurs to sell 30% of currency earnings on the interbank foreign exchange market, has no longer been in force since June 20, 2019.

The new currency derogation will not have any negative consequences for macro-financial stability. According to the statistics of recent years, when the norm for obligatory currency earnings sale was 50% as well as when it was reduced to 30% on March 1, 2019, the business sold more than 90% of currency in total.

In such a way, the NBU continues currency liberalization in accordance with the roadmap, which provides for removal of all foreign exchange restrictions step by step in order to improve the macroeconomic conditions in Ukraine.

This year, the NBU has cancelled or simplified more than 30 foreign exchange restrictions. The abolishment of the obligatory currency earnings sale by the business is a next step towards free movement of capital, defined as one of the National Bank’s strategic objectives.

The amendments mentioned above were approved by the Resolution of the Board of the National Bank № 78 dated June 18, 2019, "On Amendments to the Provisions on Protection Measures and Determining the Procedure for the Execution of Certain Transactions in Foreign Currency".

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