The National Bank is relaxing several currency controls and at the same time taking steps to prevent unproductive capital outflows.

The National Bank of Ukraine eases several currency controls for more active participation of non-resident banks in the OVDP market, increases the inflow of foreign currency into the country, as well as supports social initiatives to protect citizens. In addition, additional measures were taken to prevent capital outflows from Ukraine in order to preserve the stability of the foreign exchange market.

Therefore, from August 12, 2023, the NBU will introduce changes related to the following issues:

  • Transfers abroad for payment of pensions to citizens of Ukraine.

JSC “UKRPOSHTA” as the designated operator of postal services can make transfers to ensure the provision of pensions and cash benefits for the benefit of citizens of Ukraine temporarily abroad.

This will make it possible to support social initiatives for the protection of pensioners forced to stay outside Ukraine, and ensure the provision of state-guaranteed pensions and cash benefits.

We will remind you that in June of last year, the NBU allowed the transfer of funds abroad for the payment of pensions to citizens within the framework of international agreements concluded by Ukraine with foreign countries;

  • Participation of non-resident banks in operations with OVDPs denominated in national currency.

The National Bank will allow the transfer of funds denominated in hryvnia to the correspondent accounts of non-resident banks opened in Ukrainian banks, to work with Domestic Government Bonds of Ukraine (OVDP) denominated in the national currency. A participant.

According to the NBU, such changes should contribute to the active participation of non-resident banks in operations with hryvnia government bonds, while at the same time, due to restrictions on the conversion of these funds into foreign currency and their exchange abroad, this will not lead to excessive pressure on the foreign exchange market;

  • Transfer of money abroad through exchange of goods for return of guarantee Arrangements for participation in auctions;

Commodity exchanges can transfer funds to residents in return for collateral security previously deposited to participate in exchange trading. At the same time, a non-resident can make such income only at the expense of funds previously transferred to participate in trading on a commodity exchange. Accordingly, the purchase of forex will not be carried out, so it will not increase the pressure on the forex market.

On the contrary, such changes will help the stock markets fulfill their obligations to bidders, which will contribute to the increase in the inflow of foreign currency to Ukraine;

  • Foreign currency supervision of banks regarding resident compliance with settlement deadlines for processing import of goods.

It was decided that banks cannot complete monetary supervision of the operation of import of goods if the importer receives full or partial funds from a non-resident account opened in a Ukrainian bank.

The corresponding change is necessary to prevent the unproductive outflow of foreign currency abroad, which will make it possible to preserve the stability of Ukraine’s international reserves and the foreign exchange market.

The above and other clarifying changes are August 10, 2023 no. 96 were made by the Resolution of the Board of the National Bank of Ukraine dated 2022″, which will enter into force on August 12, 2023.

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