In view of the latest news from the National Bank of Ukraine (NBU), Ukraine is about to see a new revolution in the near future, but this time on the money and currency exchange market.
Absolute absence of currency restrictions based on principle “Everything that is not directly forbidden by law is allowed” is supposed to be introduced through the adoption of the new law of Ukraine “On Currency”.
The draft of the new law has already been approved and promulgated by the NBU. It provides for the adoption of the following key reforms:
- Abolition of exchange permits for investing abroad
The list of exchange permits will be reduced to two types: ordinary banking and exchange permit for nonbanking financial institutions. Thus, legal entities and individuals will be able to invest abroad freely without the need to obtain a special permit of the NBU.
- Cancellation of sanctions for violations of currency legislation
State bodies will be deprived of the opportunity to apply special sanctions to subjects of foreign economic activity in the form of a ban on conducting export-import operations, individual licensing regime, replacing them with usual fines.
- Banks will be able to freely operate with foreign currency
It is assumed that banks will be able to offer clients an unlimited range of services, including services of interbank currency transfers, opening of hryvna accounts for non-residents, purchase of shares of foreign companies and issuance of loans to foreign companies.
The draft law is currently under active discussion among business representatives, banking sector of state institutions and expert agencies for finalization and subsequent approval.