ANNOUNCEMENT 28 Jul 2016
On 28 July 2016, the National Bank of Ukraine approved Resolution No. 361 which eases certain exports and imports related formalities.
NUMBER OF INTERVENTIONS
Official source in Ukrainian language
Національний банк, Постанова "Про внесення змін до деяких нормативно-правових актів Національного банку України" від 28.07.2016 N 361
English translation of the name of the institution issuing the source: National Bank of Ukraine
In particular, the amendments envisage an increase of the deadline for the settlement of transactions on exports and imports of goods from 90 calendar days to 120 calendar days. These particular liberalisation changes are to remain in force until 14 September 2016.
In addition, with the same legal act, the Nation Bank of Ukraine eases the conditions for exclusive use of letters of credit (LC) by banks as a payment method. Concretely, while previously banks were obliged to use LCs if the contract surpassed 500 000 USD, in the future, they have to use it only for transactions that surpass 1 000 000 USD. This change is also liberalising because it implies less bank commission fees.