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Sunday, August 25, 2019

Ukraine's central bank passes resolution to ease forex requirements for banks

The National Bank of Ukraine announced last week that it has passed a resolution to ease the requirements for certain foreign exchange transactions.

Resolution No. 423 abolishes the mandatory requirement for banks to sell foreign exchange proceeds coming from outside the country from residents and non-residents in Ukraine's interbank foreign exchange market.

It also eases rules for banks paying out foreign currency funds remitted from overseas from residents and non-residents.

In order to streamline the procedure for transactions involved in the mandatory sale of foreign exchange proceeds, Resolution No. 423 amends a previous resolution from the central bank and streamlines the procedure for performing arbitrage transactions under the terms of margin trading.