The President of Ukraine signed the Law of Ukraine "On the amendments to some legislative acts of Ukraine concerning extension of tools of influence on the monetary and credit market" №5199-VI, adopted by the Verkhovna Rada of Ukraine on November 6, 2012.

This Act greatly expanded the authority of the National Bank of Ukraine (hereinafter - NBU), which acted as the subject of legislative initiative in this case.

In particular, Art. 387 of the Commercial Code of Ukraine was amended by provisions providing the NBU with an ability to prescribe mandatory sale of a part of foreign currency income for entities engaged in foreign economic activities. Thereof the partial selling of foreign currency incomes shall be mandatory to all exporters.

The Law enters into force since its publication.

It should be noted that a mandatory foreign currency sale requirement to exporters was prescribed in Ukraine before, particularly in the nineties, exporters were required to sell 100%, and from 1999 to 2005 - 50% of foreign currency incomes. In 2005, such requirement was abolished.