National Bank of Ukraine eases currency restrictions for businesses and individuals
Kyiv • UNN
The National Bank of Ukraine has eased currency restrictions, allowing for more flexible allocation of cash foreign currency and expanded opportunities for cross-border transfers to pay for services such as medical treatment abroad. These changes are aimed at supporting the economy and defense in the face of Russian aggression.
The National Bank of Ukraine has adopted a resolution to ease currency restrictions for businesses and citizens. The National Bank of Ukraine reported about the easing, UNN reports.
The National Bank of Ukraine continues to ease currency restrictions, taking into account the need to maintain macrofinancial stability, protect international reserves, meeting the priority needs of defense, the economy and citizens, as well as the proposals of financial market participants that meet these the above-mentioned priority needs.
Details
On December 1, four changes came into effect in Ukraine:
- All restrictions for banks and non-bank financial institutions on the amount of cash foreign currency to the public. This will help to minimize the difference between cash and non-cash exchange rates.
- Allowed the Export Credit Agency (ECA) to transfer Agency (ECA) to transfer funds abroad for reimbursement/compensation of expenses under insurance and reinsurance contracts concluded with foreign insurance (reinsurance) companies, as well as to pay the ECA's expenses related to such transactions. This is done in order to ensure the possibility of insuring risks during the armed aggression of the Russian Federation against Ukraine in order to guarantee the safety of navigation, promote the stability of maritime transportation, ensuring sustainable export of Ukrainian products through Ukrainian ports.
- The list of services for which transborder for which cross-border transfers are allowed to citizens, including combatants who as a result of Russia's armed aggression against Ukraine, need treatment or restoration of health outside Ukraine. The relevant list includes the following services additional services related to the process of treatment or rehabilitation in medical institutions of foreign countries, which are an integral part of it.
- Payment for services that are necessary to create appropriate conditions for students to study abroad. In particular: payment for accommodation, obtaining a visa for the period of study, transfers from the dormitory to the academic offices, meals, insurance, medical services in case of emergency medical care assistance.
These mitigations, as well as other clarifying changes, were introduced by the Resolution of the Board of the National Bank of Ukraine No. 155 dated November 30, 2023 "On Amendments to the Resolution of the Board of the National Bank of Ukraine dated February 24, 2022 No. 18", which came into force on December 01, 2023.
