NBU partially tightens currency restrictions: what’s changing
21 February 2024 22:24
The NBU has optimised a number of currency restrictions to prevent unproductive capital outflows to protect Ukraine’s international reserves and maintain the stability of the foreign exchange market. This is reported by the 
with reference to the National Bank.
These changes will come into force today, 21 February.
Purchase of foreign currency by businesses
To date, businesses must first use their existing foreign currency to make payments in foreign currency and then, if necessary, purchase it on the Ukrainian foreign exchange market. Businesses can also conduct foreign exchange transactions on a swap basis to buy and sell foreign currency, if the first part of the transaction involves the bank purchasing foreign currency from the client.
Starting from 21 February, when purchasing foreign currency by a business, banks will take into account not only the foreign currency funds placed on the client’s current and deposit accounts, but also information on the client’s outstanding foreign currency transactions with banks under swap agreements, under which the first part of the transaction (the sale of foreign currency by the client to the bank) was carried out. To this end, on the date of purchase of foreign currency, legal entities will have to provide the bank with information on the foreign currency sold by them under the first part of the swap transaction (currency, transaction term) under outstanding agreements with banks. This information will be provided additionally, along with information on available foreign currency funds on current and deposit accounts.
Currency supervision by banks
The NBU has clarified the specifics of currency supervision by banks with respect to the deadlines for settlements under export transactions.
Currently, banks may complete currency supervision over residents’ compliance with the deadlines for settlements under export transactions after crediting funds received from a non-resident for goods to the resident’s current account with the bank, if these funds were transferred from abroad.
Starting from 21 February, banks will be able to complete currency supervision of the relevant transactions only if the funds received from a non-resident are in foreign currency. Instead, transfers in hryvnia will not be the basis for completing currency control by the bank.
It is worth noting that in 2023, Ukrainian banks imported a record amount of foreign currency equivalent to USD 9.5 billion since 2014. For comparison, back in 2022, this figure was USD 5.9 billion.
