The National Bank of Ukraine has completed the exchange control regulations

In early January 2019, the National Bank of Ukraine (NBU) approved the regulations for a proper operation of the new currency regulation system. Along with the recently adopted exchange control law, these documents will become the legal basis for conducting foreign exchange transactions within the country and abroad transactions.

In order to implement the provisions of the new law, the Ukrainian national Bank has developed a system of subordinate legislation for exchange control. This system is based on eight regulations, which will replace the previous array of dozens of legal acts in the field of foreign exchange relations. According to the resolutions, the deadline for settlements under export-import contracts will be doubled, currency supervision over export-import transactions will be abolished, free use of accounts of legal entities abroad will be allowed, as well as the conclusion of currency forwards for hedging export-import and debt transactions, etc.

On February 7^th, 2019, the new currency regulations will enter into. There are relaxation of the rules and conditions of the Ukrainian currency market functioning, but they are still some restrictions.

The removal of these restrictions will be carried out as the economic condition of the country normalizes, the assessment of which includes the GDP growth rate, inflation dynamics, the stability of the national financial market, the General situation in foreign markets and a number of other indicators.

The ultimate goal of the law-regulator is clear and unchanged - a gradual transition to the regime of free movement of capital. This is what the national Bank of Ukraine seeks.

On materials of the following website: : https://www.nexus.ua/novosti-offshornogo-biznesa/ukraina/5522-natsbank-ukrainy-zavershil-razrabotku-valyutnykh-postanovlenij