Tax and accounting insights for Ukraine
29.04.24
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The NBU announced the abolition of a number of currency restrictions in the near future

The NBU will soon lift a number of currency restrictions imposed after the outbreak of the war. They will apply to dividend payments to businesses and imports of services. This was stated by NBU Governor Andriy Pyshnyi, RBC-Ukraine reports, citing a briefing broadcast on Youtube.

"Given a fairly comfortable level of international reserves, a controlled situation in the foreign exchange market and expectations of further international assistance, the NBU is preparing a number of steps for currency liberalization in the coming weeks," he said.

According to Pyshnyi, last year the NBU agreed with the IMF on a strategy to ease currency restrictions and move to "managed flexibility" and, in the medium term, to inflation targeting.

He reminded that the strategy does not contain a timeframe but is based on preconditions.

"We currently see the grounds to complete the first stage, which provides for certain easing of new dividends, lifting of the ban on imports of services, and currency liberalization of the ability to service old debts," he said.

According to him, the NBU is now at the stage of finalizing the decision.

Pyshnyi also said that "currency liberalization will continue in the future."

Easing currency restrictions

According to the public version of the Currency Restrictions Mitigation Strategy, it envisages liberalization of trade finance, management of banks' currency risks, and the possibility of repatriating interest on "old" debt and investments.

Earlier, NBU Governor Andriy Pyshnyi said that the National Bank of Ukraine is preparing to ease currency restrictions after the transition to a flexible hryvnia/dollar exchange rate.

Author: Oleksandr Bilous

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