National bank modifies foreign currency transactions restrictions

By Oleksandr Kurdydyk and Mykhaylo Byelostotskiy

In March 2014, the board of the National Bank of Ukraine adopted Resolution no. 172, ‘on regulation of financial institutions activity and performance of currency transactions’, by which it introduced new particularities of foreign currency transactions performance. New regulations will apply first of all to the purchase of foreign currency and the transfer of currency abroad with the purpose of fulfilment of obligations under appropriate agreements. The above legislative act cancels Resolution of the National Bank ‘on measures regarding banks’ activity and performance of currency transactions’ no. 49, dated 6 February 2014.

Having adopted Resolution no.172, the National Bank has softened some restrictions established by Resolution no. 49. Under Resolution no. 172 the National Bank has…

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