Law on currency sent to Poroshenko for signature – Parubiy

Law on currency sent to Poroshenko for signature – Parubiy

Chairman of the Verkhovna Rada Andriy Parubiy signed the law on currency and currency operations and sent it to President Petro Poroshenko for his signature.

In a post on Twitter, Parubiy wrote: “I’ve signed the law of Ukraine on currency and currency operation. It is the implementation of our commitments under the Ukraine-EU Association Agreement. The law will improve the investment climate and investment attractiveness of Ukraine”.

As reported, the Verkhovna Rada adopted the law on currency on June 21, 2018.

The document envisages that currency restrictions will be lifted gradually and carefully, and under favorable macroeconomic conditions in order to preserve the financial stability until complete freedom of currency operations is achieved based on the principle "everything that is not directly prohibited by law is permitted”. At the same time, the law gives the NBU "green light" for more expedient liberalization of the currency regulation. The most damaging restrictions, for example, concerning investments abroad and foreign trade operations will be lifted as soon as the law enters into effect.

Also, the law details that in case of unstable financial conditions in the banking system, deterioration of the balance of payments of Ukraine and other adverse events posing a threat to the financial stability, the NBU Board will make decisions on introducing initial protective measures. These limitations will be temporary and last up to six months.


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