New currency law enters into force
The law on foreign currency control adopted by the Verkhovna Rada and signed by President Petro Poroshenko, which simplifies currency operations, has entered into force.
Censor.NET reports.
The law enables banks to administer exchange transactions without individual licenses. Individuals and businesses will be able to invest abroad without obtaining an individual license from the National Bank of Ukraine (NBU). It will no longer be required to register loans obtained from non-residents with the NBU.
The 180-day term set by law for making payments in foreign economic transactions will be cancelled, as well as penalties for its violations, such as a fine in the amount of 100% of the transaction amount and a ban on foreign economic activity.
If the amount of a foreign economic transaction does not exceed UAH 150 thousand (approx. $5.5 thousand), such transaction will not be subject to currency control.
Under the law, financial market regulators, including the National Bank, the National Commission on Securities and Stock Market and the National Commission on Regulation of Financial Services Markets, must bring their regulations into line with the new law and make them public no later than 30 calendar days before the law enters into force.
If necessary, the NBU may, at its own discretion, impose restrictions (protection measures) as specified by the law.
As reported earlier, June 21, the Verkhovna Rada adopted the law on foreign currency controls replacing the Currency Regulation and Control Decree, which has been in force since 1993.
President Petro Poroshenko signed the law on July 4.
