National Bank of Ukraine introduced mandatory sale of 100 per cent foreign currency proceeds

By Oleksandr Kurdydyk and Illya Muchnyk

The National Bank of Ukraine (NBU) has toughened requirements for the mandatory sale of international currency proceeds that was temporarily introduced in November 2012. Now the requirement for mandatory sale applies to 100 per cent of foreign currency proceeds, instead of 50 per cent, as was set before.

The requirement for mandatory sale applies to foreign currency proceeds from abroad received by legal entities (except authorised banks), sole entrepreneurs, foreign representative offices (except official representative offices); proceeds received to accounts opened in authorised banks for conducting joint activity without incorporation of legal entity; and foreign currency proceeds received to accounts of residents opened abroad under obtained NBU individual licences…

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