The National Bank of Ukraine (NBU) introduced the compulsory exchange of 100% of foreign currency proceeds.
The NBU has introduced more rigorous requirements for the mandatory conversion of foreign currency proceeds. Under NBU Resolution No. 515 dated 20 August 2014, local banks are now required to sell 100% of foreign currency proceeds obtained by Ukrainian-resident businesses on their local and foreign bank accounts. Previously, the banks had been required to sell 50%. The newly implemented rule applies to foreign currencies of the first group (which includes EUR, USD, GBP, and certain other convertible currencies).
The NBU has also maintained the "90-days" rule, which requires that the currency proceeds from the export of goods and services must be credited to the exporter's account within 90 days of either the receipt of customs clearance for the export transaction or confirmation of service delivery. Similarly, the same timeframe applies to the importation of goods and services for which a prepayment is made.
The above requirements will be in effect until 21 November 2014.
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