News in foreign exchange market regulation

Today the new Law of Ukraine “On foreign currency and currency operations” entered into force.

In this regard, the Decree of the Cabinet of Ministers of Ukraine “On the system of currency regulation and currency control” (enacted in 1993) has expired.

The law is really liberal because it does not contain many of the restrictions that were contained in the Decree. But attention! Do not try to apply the “free movement of capital” in your business (as prescribed by the Law) immediately!

The fact that the NBU was preparing for the introduction of a new Law and approved its regulations. Some restrictions from the Decree “moved” to those regulations (not all, of course, but still many).

The list of these NBU acts (as well as its Roadmap for canceling currency restrictions) are at the fillowing link:

In general, the foreign exchange market from February,7 2019 has become more free. NBU declared that their ultimate goal is the complete removal of all restrictions. But so far, it is important to check the existing regulations of the NBU when applying the Law, (please see the link).

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