NBU easing foreign exchange restrictions from Sept 10
The relevant statement was made by the NBU’s press service, an Ukrinform correspondent reports.
“From September 10, 2024, the National Bank of Ukraine (NBU) is making amendments to the existing foreign exchange restrictions. On the one hand, the NBU is easing a number of restrictions, and on the other hand, it is taking measures to counter unproductive capital outflows from Ukraine,” the report states.
The key areas of easing the foreign exchange restrictions are as follows.
State-owned enterprises will be able to buy currency to purchase quotas for carbon dioxide emissions related to aviation activities. This step will contribute to uninterrupted defense purchases under public contracts and support the Ukrainian-European military and technical cooperation.
The possibility of making payments under reinsurance contracts with foreign nuclear insurance pools has been expanded, which will enable the Nuclear Insurance Pool to fulfill its obligations to its partners, ensuring the uninterrupted operation of the industry. The only proposed condition for carrying out such operations is that the subject of electronic commerce must be registered as a taxpayer in the EU.
Electronic commerce entities are allowed to purchase currency for the VAT payments in the EU under transactions for the sale of Ukrainian-produced goods.
The above easing measure will mostly help small and medium-sized enterprises to expand their presence on the EU market through online platforms, without harming Ukraine’s international reserves, as the foreign exchange revenues from product sales will significantly exceed the additional costs of European VAT payments.
In addition to the existing opportunities, which were introduced in May and July 2024, businesses are given the opportunity to recover coupon payments on Eurobonds paid from February 24, 2022 to July 9, 2024. Such operations can be carried out only by those enterprises that have no cases of incomplete foreign exchange supervision of operations on the export of goods during the 12 months preceding the date of the operation.
At the same time, the NBU is tightening restrictions on payments abroad using payment cards issued by Ukrainian banks for foreign currency accounts.
In particular, a monthly limit of UAH 100,000 has been set for the purchase of jewelry, watches, and other valuables.
The NBU’s survey involving banks and payment systems revealed attempts to circumvent the martial law ban on the purchase of bank metals abroad, which confirmed the need for this regulatory measure.
Additionally, a monthly limit of UAH 500,000 was introduced for transactions with real estate agents and managers abroad. Transactions with code 6513 are used to pay management fees, accommodation fees, and related fees.
The above limit meets the requests of Ukrainians abroad and covers the needs of 98% of bank clients who conduct such operations. The restriction will help prevent large-scale capital outflows from Ukraine and counter attempts to circumvent the NBU’s rules regarding such transactions.
The aforementioned amendments were introduced by Resolution No. 108 of the NBU Board, dated September 6, 2024, and will enter into force on September 10, 2024.
Photo: NBU
