Changes in the regulation of transactions in foreign currency in Ukraine

21.11.2012

November 19, 2012 Resolution of National Bank of Ukraine (NBU) № 475 of November 16, 2012 has entered into force, which makes two significant changes in the regulation of transactions in foreign currency:

1) to reduce the term of export and import operations from 180 days to 90 days

2) The National Bank of Ukraine obliges after November 19, 2012 the Ukrainian companies to sell foreign currency revenues derived from the export of goods (including goods, services, intellectual property rights). Percentage of revenue, which is set to be sold NBU Resolution of 50%, however, this situation has not yet been published.

At the time changes came into force for the period of 6 months, but this period may be extended by the NBU.

On the basis of: www.rg.ru

Expert’s opinion

"The delay in the publication is connected with the fact that these changes and another aspect of exchange control in Ukraine.

Specifically, 15% levy on currency sales. That means that if you have a currency when you sell it in the official exchange office with you will keep 15% of the collection to the budget.

So, apparently, they want to make completely unprofitable currency speculation on the spot market and simultaneously removed from the cash turnover in the population. It is planned that this provision will be implemented in 2 months. That is, it is expected that the population scared and rush en masse to take currency (remembered Bulgakov and his immortal: "Hand over the currency!").

However, the governments are still people who understand that is the only way to send the entire market of cash in the shade and in the crime.

And even that is not so much afraid the rulers.

But once foreign tourists, which are slightly "thaw" in the time of World Champion 2012 feel on their skin beauty of Ukrainian way of doing business - as soon as the tourist flow can put a bold cross, as in all Ukrainian business.

There is no reliablity that constructive ideas would prevail in the government.

Therefore predict that the rate with 15 percent completed the cash flow arrangements with foreign currencies and as such the decision will be published.

Get ready for the appearance on Khreschatyk "Torgsin" (trade with foreigners).

"Anna has spilled oil." And Behemoth has mended his primus ...

What a devilry ... " 

Lomakin Yaroslav ( Managing Partner of Honest & Bright Company Ltd)