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NBU extends limitations on forex market for another three months

NBU extends limitations on forex market for another three monthsThe National Bank of Ukraine (NBU) has extended major limitations on operations with foreign currency for another three months, including the mandatory sale of 75% of legal entities' revenue in foreign currency and the 90-day deadline for settlements under export and import contracts.

This is outlined in NBU resolution No. 863 dated December 4, which was posted on the NBU's website on Friday evening.

The regulator said on its website, the NBU relaxed some administrative limitations under request of banks and business.

According to the resolution, now the requirement to sell 75% of revenue in foreign currency does not apply to credits issued to resident borrowers with the participation of the foreign export-import agency to fulfill liabilities under imports contract to nonresidents. The funds under the contract are to be sent directly to the account of nonresident exporters.

The regulator lifted the requirement for the bid deposits paid by nonresidents to participate in government procurement tenders. The regulators said that this would make the access to tenders for nonresidents easier.

The regulator also extended the period for the obligatory sale of revenue returned under the initiative of foreign banks from two to seven days.

The central bank lifted the limitation concerning the transfer of funds of over UAH 150,000 a month from current accounts, cashless accounts using electronic money to pay for products and services for personal consumption by individuals.

According to the resolution, the restriction for operations of the mission of the International Committee of the Red Cross (ICRC) for the largest sum of cash issued by banks is removed.

The central bank also permitted the purchase of foreign currency to send funds abroad from the sale of Ukraine's government bonds by foreign investors not only on stock exchanges, but outside stock exchanges.

The NBU took measures to strengthen the financial discipline of banks and their clients.

Now the central bank has the right not to confirm the purchase or the transfer of foreign currency if signs of risky operations are established or the regulator sees signs of money laundering.

The NBU bans the authorized banks to buy currency for clients whose funds are placed on balance sheet accounts 2602. These are funds, which are considered as funds in foreign currency to cover of clients' guarantees, counter-guarantees or reserve letters of credit in this or other authorized banks. The bank could buy foreign currency only for those resident clients with the sum of currency on the current and deposit accounts less than $25,000.

The regulator said that this will stimulate clients of banks to use own foreign currency to fulfill their currency liabilities.

The resolution is in effect from December 5, 2015 until March 4, 2016.
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