July 4, 2018 President Petro Poroshenko signed the law "On Currency and Currency Operations." The law will come into effect seven months after the signature.
The next six months will be the transition period during which the finalization of the regulatory acts of the National Bank will continue, after which the regulator will make them public. And the law itself will be put into effect 30 days after the promulgation of the relevant regulatory and legal acts.
The document liberalizes foreign exchange operations in Ukraine.
The main concept of the new law is the idea that "everything that is not forbidden is allowed." This means that almost any currency transactions between residents and non-residents in foreign and national currency will be possible without restrictions.
The Law on Currency provides for the following changes:
1. "Visa-free" for capital. Business and the population will be able to decide independently when and how to conduct currency transactions, for this it will not be necessary to wait for the regulator's permission.
2. Cancel some restrictions. The law will abolish currency control for transactions for the purchase and transfer of currency for up to 150 thousand UAH in equivalent.
3. Foreign exchange investment. From now on, for investment abroad, an individual license of the NBU will not be needed.
4. The law will extend the maximum period for settlements on operations of export and import of goods to over 180 days. Exporters will not need to sell the proceeds, and it will be possible to buy the currency without becoming tied to a specific export contract.
5. The sanctions for violation of currency regulation for exporters and importers will be relaxed.
6. It will not be necessary to register credits borrowed from abroad with the National Bank of Ukraine.
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