NBU expands currency liberalization: new limits for businesses and relaxed export rules
14 January 18:07
Starting January 14, 2026, the National Bank of Ukraine will ease a number of currency restrictions, expanding opportunities for Ukrainian businesses and clarifying currency regulation rules in the context of a war economy. The relevant changes were approved by NBU resolutions adopted the day before, according to "Komersant Ukrainian".
The regulator emphasizes that the new measures are aimed at supporting businesses, attracting external financing, and stimulating exports without creating additional pressure on the currency market.
New “borrowing” limit: what is changing for companies
A key innovation is the introduction of a so-called “borrowing” limit. It is intended to increase the flexibility of companies in managing funds received from abroad in the form of credits or loans.
The size of the limit will correspond to the amount of currency that has been credited to the company’s account in a Ukrainian bank after January 1, 2026. Within this limit, businesses will be able to conduct transactions permitted by the stimulating currency liberalization.
The National Bank explains that this primarily involves creating conditions for restructuring the “old” external debts of Ukrainian companies — a step that should facilitate the attraction of new resources to the economy.
Reimbursement for goods and equal conditions for consumers
Another change concerns the domestic market. Ukrainian sellers and manufacturers will be able to transfer currency to the accounts of individuals abroad to refund money for undelivered or returned goods.
The NBU emphasizes that this brings the conditions for consumers of Ukrainian-made goods in line with international practice and supports the attractiveness of domestic producers. At the same time, the regulator assures that the innovation will not create additional demand for currency, as it will be offset by the sale of currency received during the initial purchase of goods.
Clarifications for exporters and insurers
The National Bank has also revised its approach to currency supervision of payment terms for export operations.
In particular:
- the requirements for maximum settlement terms will not apply to exports of goods for which the right of claim has been transferred to the Export Credit Agency for the amount of insurance compensation paid;
- the export of insurance services has been excluded from the list of transactions subject to settlement deadline restrictions.
The regulator notes that this should contribute to the development of Ukrainian exports and unify the rules for insurance and other financial services.
The easing of currency restrictions is a continuation of the NBU’s policy of gradual liberalization, which the regulator expanded in May 2025. Currently, Ukrainian businesses are already operating within “investment” and “donation” limits, and the new “loan” instrument is intended to complement this system.
The National Bank emphasizes that currency easing is being carried out cautiously and in a targeted manner, taking into account the state of the financial system and the need to maintain macrofinancial stability during the war.
