The volume of export proceeds received by Ukraine in January-June 2024 surpassed the result for the same period last year by 15.9%, or $3.3 billion, while the amount of unreturned foreign currency proceeds keeps at the same level of $7-8 billion, the National Bank of Ukraine (NBU) said in response to an inquiry by Interfax-Ukraine agency.
“Therefore, practically unchanged volumes of export operations, for which the deadlines for settlements were exceeded, against the background of increasing volumes of received export proceeds from abroad is a positive trend,” the regulator said.
The National Bank pointed out that the expansion of the volume of unrecovered export earnings would have a negative impact on the balance of payments and the level of international reserves, which are an important buffer of macro-financial stability of the country.
It is stated that in view of this, the NBU systematically counteracts unproductive capital outflow and takes measures for timely return of export proceeds.
In particular, the central bank mentioned currency restrictions introduced at the beginning of the full-scale invasion of the Russian Federation, which it relaxes only in the presence of sustainable prerequisites, measures to strengthen currency supervision, as well as the preservation of shortened settlement deadlines for exports of certain agricultural goods.
“The National Bank expects the introduction by the Cabinet of Ministers of Ukraine of the export security regime for operations on exports of certain agricultural goods, which was developed with the participation of the Ministry of Agrarian Policy, the NBU, the State National Statistics Service, the State Customs Service and other state bodies, and approved this year by the Verkhovna Rada with relevant amendments to laws,” the regulator said in its response.
“We believe that this measure should help to improve the situation with the return of foreign currency proceeds in the agricultural sector. Now the state authorities are finalizing the preparation of subordinate regulatory and technical basis for the introduction of the above mechanism,” the National Bank added.
The regulator intends to continue to cooperate with government agencies to ensure a comprehensive approach to addressing the issue of timely return of export proceeds to Ukraine.
As reported, in early November 2023, the NBU informed the Interfax-Ukraine agency that the volume of unreturned foreign currency proceeds since the beginning of the full-scale invasion of the Russian Federation is about $8 billion, which, according to the regulator, “has a tangible impact on the balance of payments.” The central bank noted that the issue is not only about the proceeds from grain exports, but also about unreturned foreign currency earnings in general.
