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Ukraine's National Bank eases foreign currency purchase for banks' clients, sending funds abroad

Ukraine's National Bank eases foreign currency purchase for banks' clients, sending funds abroadThe National Bank of Ukraine (NBU) has relaxed the procedure for purchasing foreign currency by clients of banks and sending funds abroad to nonresidents, the central bank has reported on its website.

Now clients of banks do not have to wait for a permit from the NBU to carry out the above-mentioned transactions. The authorised banks will inform the regulator about the transactions after they are conducted.

If the NBU have doubts towards the currency transactions of banks' clients the central bank can send an order to suspend the transactions. A statement of the NBU is required to resume them.

In addition, if clients go to another bank from the bank where the NBU had doubts about their transactions the authorised bank is to inform the regulator about it.

Another bank where clients open current accounts has the right to ask all the previous banks that services these clients to give information received from the NBU regarding doubtful transactions of the clients.

The decision is approved in NBU resolution No. 15 amending some NBU legal acts dated February 28, 2017.

The resolution will take effect on March 22, 2017.
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