The National Bank eased a number of currency restrictions
The National Bank announced changes in currency regulation with the aim of improving the cash segment of the currency market and assisting certain social categories of the population:
- Expanding the ability of financial institutions to sell cash foreign currency: this now involves greater opportunities for banks and non-bank financial institutions to conduct operations for the sale of cash foreign currency. For this purpose, the cash balances of foreign currency in the cash register of institutions as of April 13, 2022 will be taken into account.
- Expanding the list of medical services for cross-border transfers: this list now includes services for rehabilitation and payment of prostheses and their components, installation, maintenance and repair of prostheses. This will contribute to the restoration of people's health, in particular, combatants who need prosthetics.
- Unblocking payments on foreign debts: the NBU granted permission to state-owned enterprises and business associations, 100% of which belong to the state, to transfer funds abroad to fulfill obligations to non-residents for credits or loans that were restructured under the terms agreed by the Cabinet of Ministers. It is also allowed to make other payments related to the servicing of such restructured obligations.
These changes are aimed at supporting the cash segment of the foreign exchange market, facilitating access to medical services and simplifying the restructuring of external debts by state-owned companies.
These changes took effect on September 16, 2023.
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