On August 20, 2015 the Board of the National Bank of Ukraine (the “NBU”) adopted the list of legal acts, which modified some rules on the monetary and foreign exchange market of Ukraine.
The Resolution “On Amending the Resolution of the Board of the National Bank of Ukraine of 03.06.2015 No 354” of 20.08.2015 No 544 (“Resolution No 544”) lifts some administrative restrictions, which were earlier put in place by the NBU. The Resolution No 544 came into force on August 21, 2015.
The Resolution “On Amending the Resolution of the Board of the National Bank of Ukraine of 03.06.2015 No 354” of 20.08.2015 No 551 (“Resolution No 551”), contraversary imposed a ban for NBU to register some special agreements. The Resolution No 551 is effective since August 22, 2015.
The Resolution No 544 has expanded the list of exclusions from the ban on buying and/or transfer of foreign currency by legal entities based on individual licences. The existed list was supplemented by operations of foreign currency transfer by legal entities in the amount that shall not exceed USD 50 000 (equivalent in other currency, according to the official NBU exchange rate on the date of transfer) within one calendar month per one individual licence.
Until the Resolution No 544 has come into force, the legal entities holding the individual licences were allowed buying and/or transfer foreign currency in the following cases:
- to place foreign currency assets, provided by the NBU to the legal entities, on accounts outside Ukraine;
- to transfer abroad foreign currency by resident guarantor (surety) within limits covered by guarantee (surety) liabilities under the loan issued by international financial institutions or with participation of foreign export-and-import credit agency;
- to pay admission or membership fees in foreign currency for the current activities of non-resident legal entities.
It is worth noting, that the legal innovations provided by the Resolutions No 544 are not related to the cases named above.
According to the Resolution No 551 the NBU cannot register:
- amendments to agreements on credit/loan funding in foreign currency by resident (accept an authorized bank) from the non-residents, which are related to the substitution of creditor and/or debtor;
- agreement on getting loan in foreign currency by one resident from another resident, in case of the assignments of claims under these loan agreements to a non-resident creditor.
The NBU can make a decision on the registration of the cases named above if the debtor(s) and/or the creditor(s) are connected by relations of control. The ban shall not apply on the cases when the debtors are the authorized banks and shall not apply on loan agreements between Ukrainian residents and international financial institutions.
The Resolution No 544 provided an additional opportunity to legal entities to transfer foreign currency on the basis of individual licences. The amount of these transfers shall not exceed USD 50 000 (equivalent in other currency, according to the official NBU exchange rate on the date of transfer) within one calendar month per individual licence.
The Resolution No 551 modified the rules governing the registration of loan agreements with non-residents in foreign currency to prevent capital outflow from Ukraine.
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