Ukraine's central bank scraps exporters' obligatory forex sales - UNIAN-Economy

The new regulations will become effective from June 20.

REUTERS

The National Bank of Ukraine (NBU) will scrap a rule that requires exporters to sell 30% of their foreign currency earnings on the local interbank foreign exchange market.

"The abolition of the compulsory sale of foreign exchange earnings is another step towards free movement of capital, defined as one of the strategic objectives," the NBU said in a statement on its website.

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The new regulations will become effective from June 20.

These measures will not have a negative impact on macro-financial stability, as in recent years businesses in general sold over 90% of their currency with the threshold of mandatory forex sales set at 50% and with its subsequent reduction to 30%, the NBU said.

UNIAN memo. The new law on currency and foreign exchange operations came into force on February 7, 2019, with liberalization of about thirty restrictions in the foreign exchange market. On March 1, 2019, the NBU lowered the level of mandatory sale of foreign currency by exporters to 30%.

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https://www.unian.info/economics/10589808-ukraine-s-central-bank-scraps-exporters-obligatory-forex-sales.html

2019-06-19 08:20:00Z
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