The National Bank of Ukraine (“NBU”) has expanded the opportunities available to the European Bank for Reconstruction and Development (“EBRD”) in Ukraine with respect to its UAH currency operations. This decision was adopted through NBU Resolution No. 224 of 12 June 2013, amending the Order for Opening and Functioning of Correspondent Bank Accounts which was approved by NBU Resolution No. 118 of 26 March 1998.
Based on the newly adopted amendments, EBRD is able to conduct the following operations in UAH:
- Facility and loan operations
EBRD has the right to use its UAH accounts for loan operations in the same way as any Ukrainian bank (e.g. to receive and transfer funds in UAH (including insurance indemnity), to receive funds from the sale of pledged/mortgaged property, etc).
- Interbank operations
EBRD is able to receive, and pay back, interbank credits from Ukrainian authorised banks. It is also able to deposit funds in UAH into its accounts with Ukrainian authorised banks.
- Other operations
EBRD has the right to carry out other investment activities in Ukraine, including operations under international treaties between Ukraine and EBRD.