NBU to simplify purchase of foreign currency from November

NBU to simplify purchase of foreign currency from November

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Ukrinform
Currency control will be relaxed from November 1, 2018 for the purchase of foreign currency by non-residents for the purpose of returning foreign investments abroad after transactions with domestic government loan bonds.

Deputy Governor of the National Bank of Ukraine (NBU) Oleh Churiy said this during a quarterly meeting of the NBU Board with the leaders of the country's 40 largest banks, the NBU's press service reported.

"The National Bank continues to pursue currency liberalization aimed at improving the investment climate. Currency control will be relaxed from November 1 for the purchase of foreign currency by non-residents for the purpose of returning foreign investment abroad after transactions with domestic government loan bonds," Churiy said.

According to him, the easing of foreign exchange control for non-residents will be one of the steps in a package of measures aimed at increasing the inflow of foreign capital into Ukraine's public debt market.

"Together with the law on nominal holders and the opening of an account of an international clearing depository at the NBU's depositary, this will help increase the inflow of foreign capital to the Ukrainian public debt market," Churiy said.

The NBU said in June this tear that the volume of debt securities owned by non-residents was not significant enough to fear the negative impact of their repayment.

In particular, according to the NBU, the peak of the volume of Ukrainian hryvnia government bonds owned by non-residents was about $550 million, which is equal to the daily volume of sale and purchase of the interbank foreign exchange market.

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