We refer to our law-now alert " Ukraine: sale of proceeds in foreign currency becomes mandatory" issued in connection with the Resolution of the Board of the National Bank of Ukraine "On Amendment to certain Normative Acts of the National Bank of Ukraine", dated 8 October 2010 No. 457, registered with the Ministry of Justice of Ukraine on 13 December 2010, No. 1249/18544.
Recently, the National Bank of Ukraine issued a letter in which
it expressed its opinion that the cancellation of a resolution
which cancelled a previously-adapted resolution will not renew the
effectiveness of the latter.
As a result, the cancellation of NBU Resolution No. 101 dated 31
March 2005 which, in turn, cancelled the mandatory sale of proceeds
in foreign currency, did not renew the procedure of mandatory sale
of proceeds in foreign currency.
Letter of the National Bank of Ukraine dated 22 December
2010 No 13-115/6693-23311
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 24/01/2011.
