Dnipro Finance and Taxes

12/ 03/ 2019

On February 7, 2019, the Law of Ukraine “On Currency and Currency Operations”, which was the basis for a new system of currency regulation, came into force. The new rules and regulations, which define this Law, leave a lot of questions.

Taking this into account, the Association’s office in Dnipro organized the meeting in the frames of EBA Business Hacks project: “Changes in foreign exchange legislation for export-import activities” together with the partner OTP Bank. The speaker was Olena Zuykova, the Director of the Currency Control Department, OTP Bank, who revealed the main aspects of the Law and provided the specialists with the answers to the controversial issues. Therefore, the expert talked about the changes in foreign exchange supervision of export-import operations, changes in the procedure for registration of loans from non-residents, new opportunities for foreign currency transactions, etc.

The speaker, for example, drew attention to the fact that individual licenses for currency transactions were canceled – they would be replaced by the system of e-limits. The Low allows banks:

  • to sell government securities, denominated in foreign currency, for foreign currency, – to their clients;
  • invest in Ukraine not only in the currencies of the first but also of the second group of the currencies classifier;
  • to pay dividends for 2018;
  • to use legal entities accounts abroad freely (except for transactions for the transfer of funds from Ukraine to such accounts).

According to the participants, the meeting was extremely informative and useful; we thank our partner OTP Bank for the explanations provided.


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