Ban on purchasing foreign currency with borrowed funds in UAH has been abolished
Tax & Legal Alert
8 August 2019
Ban on purchasing foreign currency with borrowed funds in UAH is cancelled starting from 08.08.2019.
The National Bank of Ukraine (“NBU”) allowed to purchase foreign currency with borrowed funds in UAH. This change comes into force on 08 August 2019.
The abovementioned amendments were approved by the Resolution of the Board of the NBU No. 104 dated 06 August 2019 “On Amends to Certain Legislative Acts of the National Bank of Ukraine”.
Due to cancellation of the ban to purchase foreign currency with borrowed funds in UAH, the businesses can now buy necessary amount of currency to fulfill their obligations.
Thus, the NBU has abolished more than 30 currency restrictions starting from the beginning of 2019. The ultimate goal of these measures is to ensure the free movement of capital.
We will be happy to provide you with advisory support on all issues you may have in relation to the aforementioned legislative changes.