Ukraine's National Bank mulling forex regulations liberalization possibility

Ukraine's National Bank mulling forex regulations liberalization possibilityThe National Bank of Ukraine (NBU) has stated the liberalization of forex regulations is possible within further decisions to weaken monetary policy, NBU Acting Head Yakiv Smoliy has said.

"The NBU board considers it possible to weaken monetary policy not only by reducing the refinancing rate, but also by liberalizing currency regulation," he said during a press briefing in Kyiv.

According to the banker, these decisions will primarily concern the increase in the timing for returning foreign exchange earnings to the country to 180 days from 120 days. The NBU also intends to provide investors with the opportunity to return funds invested in Ukraine.

"Until now it has been forbidden to buy and transfer foreign currency for the return abroad of funds received by foreign investors from the sale of corporate rights, reduction of charter capital, and withdrawal from societies. We plan to allow such operations," Smoliy said.

At the same time, to prevent withdrawal of capital from Ukraine through shadow schemes, the NBU will make sure these operations comply with conditions.
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