ANNOUNCED AS TEMPORARYNo
Controls on credit operations
On 26 April 2016, the National Bank of Ukraine (NBU), with Order No. 290, has simplified the existing requirement for sale of 75% of foreign currency proceeds obtained from abroad (see GTA report No. 11528).
Regulation No. 290 stipulates that the 75% mandatory sale rule will, from now on, not apply in the following case:
"From now on, Ukrainian companies won't have to sell foreign currency on loans provided by foreign banks for payment for imports. This exception will apply only to those cases, in which loan funds will be sent by foreign creditor banks directly to non-resident exporters, i.e. without passing to the current account of a resident borrower in the authorized bank" (Source: Interfax, 28 April 2016, citing NBU).
These currency changes will come into force on 29 April 2016 and will be valid until 8 June 2016. According to the official press report of NBU dated 28 April 2016, this regulation intends facilitate foreign bank lending to the real sector of Ukraine.
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