The National Bank of Ukraine (NBU) will extend the measures that are designed to stabilize the local currency, according to an announcement by the U.S.-Ukraine Business Council (USUBC.)
It received a letter from Oleksader Plotnikov, the head of Banking and Finance Practice for the Arzinger Law Firm. The message detailed changes to Ukrainian banking legislation.
The measure that was extended includes compulsory exchange rates of 75 percent for receivable foreign currencies to favor legal entities, foreign representatives and their offices and entrepreneurial individuals toward accounts opened with banks and those opened out of the country with a special license from the NBU. The reduced term for settlements of imports and exports that was set when the measures passed was also extended. The term was reduced to 90 calendar days, from 180 calendar days.
The measures will remain in effect until Dec. 2, 2014, according to the message.