Resolution № 172 of the Management Board of the National Bank of Ukraine dated 28 March 2014 (the “Resolution”)
The Resolution introduces a number of temporary restrictions on currency exchange transactions and other transactions in the currency market. It renders the earlier-adopted, amended “anti-crisis” Resolution № 49 of the National Bank of Ukraine dated 06 February 2014 ineffective.
In particular, the Resolution introduces a ban on the repayment of credits and loans in a foreign currency under agreements with non-residents (both the principal amount of the credit/loan and other payments), prior to the term stipulated in the agreement (including under respective additional agreements). Previously Resolution № 49 of the NBU only banned the purchase of foreign currency for early repayment of credits and loans, while leaving the right to make early repayments out of borrowers’ own foreign currency funds (not purchased or raised as credits or loans). Now early repayment cannot be made even out of a borrower's own funds.
Moreover, restrictions are imposed on foreign currency transfers abroad made on behalf of private individuals. In particular: without supporting documentation — no more than 15 000 UAH per month may be transferred and with supporting documentation — no more than 150 000 UAH per month.
These restrictions do not apply to tuition, medical payments, remuneration for labor of non-residents and to certain other cases.
The term for preliminary deposits of funds in UAH for purchase of foreign currency has been reduced from four transaction days to three, and starting from April 1 – to two transaction days. This requirement does not apply to purchases of foreign currency for the purpose of paying interest under loan agreements in a foreign currency.
The restriction on “swap” and “forward” operations in the interbank market has been lifted, but only for transactions with actual funds transfers.
The Resolution sets the limit for sales of foreign currency to private individuals in the cash up to 15 000 UAH in one bank per day.
Furthermore, the requirement for individuals to present identification documents while selling cash up to 150 000 UAH has been cancelled.
Cash withdrawals made in a foreign currency from the current and deposit accounts of clients through cash-desks and ATMs are limited to the equivalent of 15 000 UAH per day per client (irrespective of the number of accounts held with one bank) according to the official currency exchange rate of the National Bank of Ukraine. This limit is applicable to cash withdrawals both in Ukraine and abroad.
The Resolution enters into force as at 28 March 2014 and remains effective until 1 May 2014.