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Ukraine: new foreign exchange restrictions

Ukraine
20/05/2009
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On 19 April 2009, new restrictions were introduced for certain types of operations on the Ukrainian foreign exchange market.

Ukrainian banks may not:

  • buy foreign currency before their liabilities mature
  • when repaying loans (excluding interest and commission), buy more foreign currency than the amount they originally converted into Hryvnias on the Ukrainian inter-bank exchange market
  • buy or exchange foreign currency to create foreign currency debt reserves for the reimbursement of potential losses on credit operations
  • provide foreign currency loans to non-residents, apart from banks
  • (until 1 January 2010) enter into spot foreign exchange transactions (ie agree to buy or sell a certain amount of foreign currency in exchange for Hryvnias, for settlement in two business days' time)

Ukrainian residents (including banks) may not:

  • (until 1 January 2010) enter into forward foreign exchange transactions (ie agree to buy or sell a certain amount of foreign currency in exchange for Hryvnias, for settlement in three or more business days’ time)
  • buy foreign currency for cross-border payments under an individual licence issued by the National Bank of Ukraine. Residents may only use their own funds, not foreign currency which has been purchased or borrowed

Law: The Resolution of the Board of the National Bank of Ukraine "On Amendments to Certain Statutory Acts of the National Bank of Ukraine" dated 28 February 2009, No. 108.

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