Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Friday, August 18, 2017

National Bank of Ukraine amends export, import regulations

The National Bank of Ukraine has adopted Resolution 364 amending legislation governing export and import operations.

"According to the current legislation and its functions and powers the Bank exercises control over foreign exchange transactions of its customers, including those related to compliance with the terms of payment for foreign trade transactions," Hope Pasenova, the director of controls, methodology and licensing, and currency transactions at the National Bank of Ukraine, said. "Recent changes adopted by the National Bank of Ukraine slightly improve procedures for the bank's control over operations of imports, especially imports without import goods into the territory of Ukraine.

"With the changes, authorized banks can take to control import transactions without the importation of goods into the territory of Ukraine only if the information on receipts from the sale of these products outside Ukraine or use of imported good outside Ukraine for the purpose. In all other cases, the authorized bank shall notify the tax authority to carry out such operations."

There are more than 180 banks under the supervision of the NBU, which is headquartered in Kiev.