THE NATIONAL BANK OF UKRAINE HAS UPDATED THE RULES FOR PURCHASING FOREIGN CURRENCY FOR BUSINESS
Starting from 21 February 2024, the National Bank will change the procedure for purchasing foreign currency by businesses. From now on, when purchasing foreign currency by businesses, banks will take into account not only the foreign currency funds placed on the client's current and deposit accounts, but also information on the client's outstanding foreign currency transactions with banks under swap agreements, under which the first part of the transaction (the sale of foreign currency by the client to the bank) was completed.
To this end, on the date of purchase of foreign currency, legal entities will have to provide the bank with information on the foreign currency sold by them under the first part of the swap transaction (currency, transaction term) under outstanding agreements with banks. This information will be provided additionally, along with information on available foreign currency funds on current and deposit accounts.
In addition, the NBU has clarified the specifics of currency supervision by banks over the deadlines for settlements under export transactions. In order to encourage the return to Ukraine of foreign currency earnings from the export of goods, starting from 21 February, banks will be able to complete currency supervision of the relevant transactions only if the funds from a non-resident are received in foreign currency. Instead, transfers in hryvnia will not be the basis for completing currency control by the bank.
These and other changes were introduced by Resolution No. 24 of the Board of the National Bank of Ukraine dated 20 February 2024, which will come into force on 21 February 2024.
