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EBA Meeting with the leadership of the National Bank of Ukraine

17/ 12/ 2024
  On 13 December, the European Business Association held its regular quarterly meeting with the leadership of the National Bank of Ukraine (NBU) to discuss currency liberalisation. These regular meetings provide businesses with the opportunity to stay informed about updates and changes that may impact the macro-financial environment, while also enabling them to offer continuous feedback to the regulator. We extend our gratitude to the Governor of the National Bank, Andriy Pyshnyi, for sharing timely updates on the macroeconomic situation in Ukraine, the collaboration with the International Monetary Fund, and the plans and prerequisites for further currency liberalisation. Mr Pyshnyi also commented on banking sector initiatives aimed at enhancing transparency and combating illicit schemes. During the meeting, EBA representatives highlighted key issues for the NBU team, focusing on access to financing, the need for further currency liberalisation, and specific business requirements, including: Allowing the payment of dividends to non-residents accrued before 2024; Permitting loan repayments to non-residents for payments currently restricted by the NBU; Enabling banks to complete foreign exchange oversight for export/import operations where obligations are settled through mutual offsets of monetary claims by Ukrainian residents against non-residents; Allowing payments for imported goods delivered before 23 February 2021; Granting the ability to purchase foreign currency to meet obligations regardless of the company’s existing foreign currency funds; Facilitating foreign currency purchases for paying overseas tax authorities (for representative offices). Additionally, EBA representatives underscored the need to increase limits on transactions using hryvnia corporate payment cards abroad, fund the operations of Ukrainian company representative offices overseas, and pay salaries to non-residents employed by Ukrainian companies. We greatly value the opportunity for open dialogue with the leadership of the National Bank of Ukraine!
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On 13 December, the European Business Association held its regular quarterly meeting with the leadership of the National Bank of Ukraine (NBU) to discuss currency liberalisation.

These regular meetings provide businesses with the opportunity to stay informed about updates and changes that may impact the macro-financial environment, while also enabling them to offer continuous feedback to the regulator.

We extend our gratitude to the Governor of the National Bank, Andriy Pyshnyi, for sharing timely updates on the macroeconomic situation in Ukraine, the collaboration with the International Monetary Fund, and the plans and prerequisites for further currency liberalisation. Mr Pyshnyi also commented on banking sector initiatives aimed at enhancing transparency and combating illicit schemes.

During the meeting, EBA representatives highlighted key issues for the NBU team, focusing on access to financing, the need for further currency liberalisation, and specific business requirements, including:

  • Allowing the payment of dividends to non-residents accrued before 2024;
  • Permitting loan repayments to non-residents for payments currently restricted by the NBU;
  • Enabling banks to complete foreign exchange oversight for export/import operations where obligations are settled through mutual offsets of monetary claims by Ukrainian residents against non-residents;
  • Allowing payments for imported goods delivered before 23 February 2021;
  • Granting the ability to purchase foreign currency to meet obligations regardless of the company’s existing foreign currency funds;
  • Facilitating foreign currency purchases for paying overseas tax authorities (for representative offices).

Additionally, EBA representatives underscored the need to increase limits on transactions using hryvnia corporate payment cards abroad, fund the operations of Ukrainian company representative offices overseas, and pay salaries to non-residents employed by Ukrainian companies.

We greatly value the opportunity for open dialogue with the leadership of the National Bank of Ukraine!

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