On 6 November 2012, the Ukrainian Parliament adopted changes to the Law of Ukraine "On the Procedure of Carrying-Out Settlements in Foreign Currency", dated 23 September 2004, No. 185/94-BP, as amended, granting the National Bank of Ukraine ("NBU") a power to amend for a term of up to six months the term for crediting to the exporters' accounts of currency proceeds under export contracts. These changes to the law entered into force on 17 November 2012. The NBU was extremely fast to implement its new power, passing a Resolution dated 16 November 2012, No. 475 (which entered into force on 19 November 2012).
Currency proceeds from exports of goods and services have to be credited to the exporter's account within 90 days
In the past, currency proceeds from exports of goods and services had to be credited to the exporter's account within 180 days of the receipt of customs clearance for the export transaction or of confirmation of service delivery. This term has now been changed to 90 days.
A crediting timeframe in excess of the 90 days term is now only possible if a positive conclusion from Ukraine's Ministry of Economy and Industrial Policy is obtained for each individual transaction.
The maximum timeframe for prepayments by importers for imported goods and services reduced to 90 days
The NBU has also been empowered to amend the maximum timeframe for prepayments for imported goods and services.
In the past, importers could agree on a prepayment of up to 180 days prior to the receipt of customs clearance for the importation of such goods and services or the confirmation of service delivery. Now, importers may not agree on a more than 90 days prepayment for goods and services.
Obligatory sale of currency proceeds
The currency proceeds that exporters accrue in currencies from the 1st group of the NBU's Currencies' Classification (the group includes, in particular, EUR and USD), as well as RUB, now have to be exchanged into UAH at the interbank currency market on the day after such proceeds arrive in the exporters' bank account. The NBU determined the size of the currency proceeds to be exchanged into UAH in the interbank currency market at 50% of the revenues. Banks do not require an account holder's consent for such an exchange to occur.
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