Abolition of mandatory sale of foreign currency will help reduce offshorization - NBU

Abolition of mandatory sale of foreign currency will help reduce offshorization - NBU

Ukrinform
The abolition of the requirement for the mandatory sale of foreign exchange earnings will help reduce the offshorization of settlements of Ukrainian exporters, Head of the Council of the National Bank of Ukraine (NBU) Bohdan Danylyshyn has written on his Facebook page.

"The abolition of compulsory sale of foreign currency is a significant step towards improving the business and investment climate in Ukraine, which may lead to a decrease in the offshorization of settlements of Ukrainian exporters," Danylyshyn wrote.

He stressed that it should not be expected that the decision would negatively affect current exchange rate stability, since, according to the NBU, business now sells about 90% of foreign exchange earnings.

From June 20, 2019, the NBU cancels the requirement for businesses regarding the mandatory sale of foreign exchange earnings.

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