NBU canceled the mandatory sale of currency for businesses. Finally!
In order to further simplify doing business in Ukraine, the National Bank cancels the requirement for the mandatory sale of foreign exchange earnings.
The norm, which obliged entrepreneurs to sell 30% of foreign exchange earnings in the interbank foreign exchange market, ceased to operate on June 20, 2019. Business receipts credited to their current accounts during June 19 are no longer subject to mandatory sale.
Resolution of the NBU Board of June 20, 2019 “On Amendments to the Regulation on Protection Measures and Determination of the Procedure for Conducting Certain Transactions in Foreign Currency” dated June 18, 2019 No. 78, which abolished the mandatory sale of a part of foreign exchange earnings.
This ruling is laconic, but at the same time extremely important. By one decision, section No. ІІІ was removed. The Regulation on Protection Measures and Determination of the Procedure for Conducting Certain Transactions in Foreign Currency, approved by Resolution of the NBU Board of January 2, 2019, No. 5, which previously established the requirement for the mandatory sale of 30% of foreign exchange earnings.
As a reminder: the limit of mandatory sale has decreased to 30% of foreign exchange receipts from 01.03.2019. Earlier, 50% of receipts were sold on the foreign exchange market of Ukraine.
The resolution entered into force on 20.06.2019 (as provided for in clause 4 of the document). Thus, the last time 30% of foreign exchange earnings were sold on the foreign exchange market was June 19, 2019 (when Section III of Regulation No. 5 was still alive). This is part of the amounts received on the distribution accounts of residents on June 18, 2019.
But the proceeds credited to such accounts on June 19, 2019 were no longer subject to mandatory sale.
The next currency easing, according to the regulator’s forecasts, should not have negative consequences for macro-financial stability. According to statistics in recent years, when the standard for the mandatory sale of foreign exchange earnings was 50%, and since 01.03.2019, when it was reduced to 30%, the business as a whole sold more than 90% of foreign currency.
That is, in fact, for the NBU, the volume of foreign exchange receipts should not change, but the period when such receipts will be sold by residents has changed.
The latter, however, are no longer obliged to follow the “rolled rails”, selling part of the currency as soon as it arrives, which undoubtedly gives more freedom in dealing with it.
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