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  • Eliminating all restrictions on foreign currency transactions in Ukraine

    Verkhovna Rada enacted the law on foreign currency in the second reading with 228 members voted for its approval. The document liberalizes foreign exchange operations in Ukraine.

     

    The new law is based on the idea that "everything that is not forbidden is allowed." This means that almost any foreign currency transactions between residents and non-residents in foreign and national currency will be possible without restrictions.

     

    Currency control will disallow more than 40% of transactions.

     

    Attaining loans from non-residents and licensing investment abroad will also be allowed. In addition, foreign currency restrictions for businesses will be abolished.

     

    The law on foreign currency is intended to become a single legislative act that determines the order of currency regulation and the implementation of currency control in the country. Prior to that, the decree of the Cabinet of Ministers "On the Foreign Currency Regulation and Exchange Control System" of 1993 used to be the main normative legal act regulating the sphere of foreign currency market.

     

    Information source: "Принят закон, снимающий все ограничения с валютных операций"

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