Law on currency comes into force in Ukraine: what should be known.
Last week, on February 7, Ukraine introduced a new law on currency, which aimed easing more than twenty restrictions on the FX market..
As reported by the National Bank of Ukraine, since February 7, the settlement period for export/import transactions will be extended to 365 days, as well as FX supervision of the export/import operations generating less than 150,000 UAH will be cancelled.
In addition, unrestricted use of legal entity accounts abroad and operations using accounts of non-resident legal entities in Ukrainian banks will be allowed. The individual currency licenses will be repealed, instead, a system of electronic limits will be introduced as well as online purchases of foreign currency by individuals up to the equivalent of UAH 150,000 per day will be allowed. Limit on remittances of foreign currency from Ukraine by individuals without opening a bank account increases by 10 times - up to 150,000 UAH. In addition, the restriction on early redemption of external obligations are abolished.
Also, since February 7, business can both repatriate dividends for 2018 within the amount of 7 million euros per month and buy foreign currency day by day without prior reserving funds, and since March 1, the norm of mandatory sale of FX proceeds by exporters will decrease to 30% from the 50% effective at present.
Details are in the infographics (click on the proper image for zooming):