Tax and accounting insights for Ukraine
10.05.24
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NBU Governor announces the next package of currency restrictions abolition

The National Bank of Ukraine is preparing further currency liberalization packages after the abolition of currency restrictions for businesses. But it does not set any deadlines for this. This was stated by NBU Governor Andriy Pyshny, RBC-Ukraine reports, citing his interview during a telethon.

"Yes, there will be another package, and you know there will be more than one package," he said.

Pyshnyi recalled that before the full-scale invasion, Ukraine actually had free capital circulation, but currency restrictions were imposed.

"The defense was built on this very 18th resolution, which provided for appropriate currency restrictions. 70 times or more, the NBU made some changes, one way or another, step by step, gradually allowing certain transactions, responding to certain systemic requests, seeing some windows of opportunity," he said.

At the beginning of last year, the NBU realized in the course of communication with the IMF that it needed to approach this process systematically, and a currency liberalization strategy was developed, which included three stages, Pyshny said.

According to him, the NBU is working on currency liberalization based on the concept of prerequisites, not a calendar schedule.

"Simply put, I will not tell you when the next package will be, but it will be when the NBU sees and certifies that all the prerequisites for the safe expansion of capital flows have been met," he said.

Pyshny said that the NBU needs to make sure that it can effectively and efficiently manage risks.

"We are not making any commitments on the timing of the move, but we will do it exactly when we think it will be best for the Ukrainian economy and safest for macrofinancial stability," he said.

Author: Oleksandr Bilous

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