The National Bank of Ukraine (NBU) plans to gradually abolish the requirement for legal entities and individuals-entrepreneurs to purchase foreign currency only against obligations, in particular, from July 20, it will allow businesses to buy foreign currency within EUR 100,000 (in equivalent) per day without the presence of grounds and obligations and the submission of supporting documents to the bank.
According to the NBU press service on Thursday, the relevant changes were approved by regulator’s board decision No. 80 dated July 13.
“We have decided to cancel this requirement gradually. This will allow us to assess the impact of each such step on liberalization on the state of the market,” the NBU press service said, citing Deputy Governor of the NBU Yuriy Heletiy said.
According to the National Bank, the current easing will not have a significant impact on the functioning of the Ukrainian foreign exchange market, but it will expand the business opportunities for risk and liquidity management.
It is indicated that the next steps towards the complete removal of the requirement for the purchase of foreign exchange against obligations will be carried out after analyzing the situation in the domestic and foreign markets, the state of financial stability, and also subject to a favorable situation in the foreign exchange market.
