The National Bank of Ukraine (NBU) has lifted currency restrictions on the import of works and services. The abolition of these restrictions will allow Ukrainian producers to enter new markets. Accordingly, Resolution No. 153 "On Certain Issues Regarding Ensuring Import"(ua)↗️ becomes irrelevant. As announced by the NBU press center, they will propose its cancellation to the Government.
Businesses are allowed to purchase currency and transfer funds abroad for payment of airport and port fees, fines, and membership dues separately.
Legal entities and individual entrepreneurs may transfer funds abroad for leasing agreements.
Simplified terms for servicing and repayment of "new" loans. This refers to funds in foreign currency received after June 20, 2023, on borrowers' accounts in Ukrainian banks. The minimum loan term for "new" loans is reduced from three to one year. Consequently, the ban on purchasing currency to repay "new" loans will only apply to short-term loans of up to one year. Currency can be purchased to pay interest on "new" loans regardless of the loan term.
This will enable attracting external loans from private investors.
It is allowed to repay interest on "old" external loans due for payment from February 24 onwards.
Under one contract, overdue (as of May 01, 2024) interest can be converted up to 1 million euros equivalent per calendar quarter. However, this restriction will not apply to future planned interest payments.
The majority of provisions of the Resolution No. 56 "On Amending the Resolution of the Board of the National Bank of Ukraine dated February 24, 2022, No. 18"(ua)↗️ entered into force on May 4, 2024.
Illustrative photo: JustStartInvesting on Unsplash
NBU relaxes currency restrictions on import of works and services
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