The National bank of Ukraine has reduced term of settlements of accounts under international commercial operations

/21
May 2013

The National bank of Ukraine (hereinafter- the NBU) has determined that all payments on import and export operation shall be paid within 90 calendar days term.

This decision was adopted in the Decree of the Board of the NBU ‘’On changes of of settlement of accounts term under export and import operations and establishment of the mandatory selling of the foreign currency income’’ dated 05/14/2013 № 163 (hereinafter- the Decree № 163).

It should be reminded, that the Law of Ukraine ‘’On the foreign currency payments’’ dated 09/23/1994 № 185/94 (hereinafter - the Law) provides 180 calendar days to enroll foreign currency incomes for the relevant currency account.

However, the Law provides the NBU with a right to change the prescribed term up to 6 months.

Also, the Decree № 163 implements the obligatory sale of foreign currency income on interbank foreign exchange market of Ukraine.

Herein, the Decree of the Board of NBU ‘’On establishing the amount of the mandatory sale of foreign currency income’’ dated 05/14/2013 № 164 requires to sell the foreign currency income on interbank foreign exchange in the rate of 50%.

The regulatory limits concern only the so-called free convertible currency (currency of the "first group") and the Russian ruble.

Both decrees have force until to November 19, 2013. Then, approving the identical acts for the next 6 months is expected.