NBU Simplifies Currency Operations for Businesses

The European Business Association has positively assessed the new package of currency liberalization from the NBU, which addresses issues faced by companies with payments abroad, corporate cards, export contracts, and dividend payments. Businesses expect further easing of restrictions on old debts to non-residents and the repatriation of dividends. Changes include an increase in the limit for using hryvnia corporate cards abroad to 400,000 UAH and a monthly cash withdrawal limit of 140,000 UAH. The daily cash withdrawal limit for legal entities has been raised from 100,000 to 200,000 UAH. Exporters are allowed to transfer funds to non-residents for the payment of fines and bonuses within 10% of the value of the goods. The repatriation of dividends has also been regulated when changing the organizational and legal form. The new package does not address all business requests, which are looking for expanded opportunities to service debt obligations and a relaxation of rules for capital market development. It should be noted that the NBU launched the package to ease currency restrictions on August 11.

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