Ukraine. NBU reduced the percentage of foreign exchange proceeds subject to mandatory sale by exporters
2014-10-01 09:32:44
The National Bank of Ukraine (NBU) has decided to reduce the percentage of foreign exchange proceeds subject to mandatory sale by exporters from 100% to 75%, the NBU’s Facebook page says. In the opinion of the Bank, this must improve conditions for foreign economic activities and provide businesses with foreign exchange assets to settle their current liabilities denominated in foreign currency. Resolution No. 591 came into force on September 23. As a reminder, prior to the end of August, exporters had to sell 50% of their foreign exchange proceeds. The corresponding NBU resolution expired on August 20, and a 100% sale rule was introduced for 90 days starting from August 21. This step was negatively taken by the business community.