Currency restrictions re-extended
Tax & Legal Alert
11 March 2016
On 05 March 2016, the Decree of the National Bank of Ukraine (hereinafter, the “NBU”) No. 140 “On regulation of the situation on the monetary and foreign exchange markets of Ukraine” dated 03 March 2016 (hereinafter, “Decree No. 140”) took effect.
In accordance with Decree No. 140, the major part of currency restrictions, previously introduced by NBU Decree No. 581 dated 03 September 2015 and NBU Decree No. 863 dated 04 December 2015, is re-extended up to 8 June 2016 inclusive. However, some restrictions are cancelled and eased by Decree No. 140, as follows:
- The limit of sale of foreign currency cash or precious metals to one individual per business day in one banking institution increased from UAH 3,000 to UAH 6,000.
- The limits of national currency cash withdrawals through cash desks and ATMs to one individual during a day increased:
(i) From UAH 300,000 to UAH 500,000 for national currency accounts, and
(ii) From the equivalent of UAH 20,000 to the equivalent of UAH 50,000 for foreign currency accounts.
- The list of exceptions related to the mandatory sale of foreign currency earnings on the Ukrainian interbank currency market also includes foreign currency earnings from international technical programs and projects registered in accordance with the Law of Ukraine “On scientific and scientific-and-technological activities”.
- The authorized banks are allowed to transfer foreign currency abroad under the payment instruction of the State Treasury Service of Ukraine on the date of receipt of such instruction; at that, no approval of the transaction is required from the NBU.