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Ukraine: new 5-day waiting period for foreign currency purchases

Ukraine
04/11/2008
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From 4 November 2008, a new five-day waiting period applies to residents and non-residents of Ukraine who buy foreign currency to repatriate foreign investments or any profits or funds derived from investment activity.

The new rules require banks to provisionally allocate money in UAH and hold it in a separate account for five days. Only on the sixth day can the money be used to buy foreign currency.

The five-day waiting period applies to all payments and movements of capital arising out of foreign investment activities in Ukraine, including full or partial repatriation of investments, payments of dividends and profits, and payments under deposit agreements with Ukrainian banks. It does not apply to the purchase of foreign currency to pay creditors.

Law: NBU Regulation No. 336 dated October 23, 2008, On Amending the Regulation on the Procedure and Terms of Foreign Currency Trading

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