National Bank of Ukraine continues to relax currency controls


National Bank of Ukraine (NBU) has relaxed a number of currency control restrictions and facilitated certain trade transactions according to recent Resolution No. 19 "On Amendments to the NBU Board Resolution No. 410 as of 13 December 2016" approved by the Board of Directors of the NBU dated 1 March 2018.

With effect from 2 March 2018, the following currency restrictions are in force:

  • Foreign investors are allowed to repatriate their investments subject to monthly cap of USD 7 million regardless the period of dividends’ accrual. Previously, foreign investors were able to repatriate dividends accrued for 2016-2014 only subject to cap of USD 5 million
  • Ukrainian borrowers may prepay cross-border loans denominated in foreign currency subject to monthly cap of USD 2 million; and
  • The requirement for mandatory conversion of 50 % of loan proceeds denominated in foreign currency and received by Ukrainian borrowers will be disapplied to the extent to which such funds are utilized by such borrowers for refinancing or repaying to other non-Ukrainian lenders (including, foreign trade creditors) and Ukrainian banks under other loan commitments

According to the NBU, these changes have been introduced due to the favorable outlook on the Ukrainian forex market.