On 28 February 2017 the National Bank of Ukraine (the "NBU") approved changes to the procedure of purchasing foreign currency for the purposes of transferring it abroad.  

Currently, Ukrainian banks are required to submit registers with information about the anticipated currency purchases of their clients to the NBU. This requirement triggers a waiting period of at least 3 business days in order for the clients to have their currency purchased or the payment fulfilled.

Starting from 22 March 2017, banks will no longer be required to gain prior approval from the NBU. They will only need to inform it upon completion of the relevant transaction, i.e., post factum. At the same time, the NBU will have the right to suspend further currency transactions of particular clients in case of any doubts in their previous transactions.

The amendments should considerably shorten the timeframe for settlements between Ukrainian and foreign companies – a significant improvement for the Ukrainian business and investment climate.

Legislation:

Regulation of the National Bank of Ukraine No. 15 "On Amending Certain Normative Legal Acts of the National Bank of Ukraine" dated 28 February 2017.