National Bank press release dated 17/09/18 regarding the project of Currency Control Institution.

A. T. Consulting would like to inform your respected company about the text of National Bank press release dated 17/09/18 regarding the project of Currency Control Institution, which comes into force together with the Law of Ukraine “On Currency and Currency Operations” on 07/02/2019.
This Institution will consist of seven new key currency control regulatory enactments, which shall define main aspects of the sphere, such as FCY purchase and FCY payment transfers (domestic and abroad), deadlines of payment settlements, etc.
According to the Law “On Currency and Currency Operations”, several steps to the liberalization of Currency Control will be made right after the Law takes effect. Namely:
1. Deadlines of FCY payments settlements according to export-import agreements will be expanded to 365 days (currently the time period is settled at 180 days).
2. Currency control shall not be applied to export-import transactions less than UAH 150 000.00.
3. Individual currency transactions licenses will be called off. Instead of them, the system of electronic limits will be implemented.
4. No ban on foreign economic activities in case deadlines of FCY payments settlements are breached.
5. Individuals will be able to buy FCY online. These transactions will have the same limit as purchase of cash foreign currency (currently the limit is UAH 150 000.00).
Detailed information on above mentioned changes in Ukrainian you may find on official National bank website.