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  • The National Bank of Ukraine eases interbank forex trading controls


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    The National Bank of Ukraine (NBU), the central bank of Ukraine and acting regulator has announced simplified rules governing trading in foreign currency and investment metals in the interbank FX market of Ukraine and the international FX market.

    First, the simplified rules shall apply to forward FX transactions.

    The NBU has allowed banks to perform their own FX transactions without any limitations as to the group of the Classifier of Foreign Currencies and Investment Metals, the maturity and type of transaction that is hedged (currency pair/currency; UAH/foreign currency). Until now, these transactions were allowed if both currencies of the pair were from the 1st Group of the Classifier with a maximum maturity period of forward transactions of up to 365 days.

    In addition, the regulator has made it much easier for bank customers engaged in foreign trade operations to perform forward transactions. These companies will be able to perform forward FX transactions (FX conversion) without any limitations as to the group of the Classifier, the maturity period and type of transaction that is hedged.

    They will also be allowed to perform forward transactions involving the purchase/sale of foreign currency for hryvnias to hedge against risks of movements in the exchange rate of the hryvnia against foreign currency under foreign trade transactions without any limitations as to the group of the Classifier of Foreign Currencies and the maturity period of this transaction. Until now, the maximum maturity period of the transactions was 365 days.

    Second, the NBU has broadened the range of transactions in investment metals performed by authorized banks.

    Banks will be allowed to perform interbank transactions involving the purchase/sale of investment metals not only hryvnias but also foreign currency under the “tod”, “tom”, “spot”, “forward” or “swap” terms.

    In addition, banks will be allowed to purchase/sell investment metals in the international market under the “tod”, “tom”, “spot”, “forward” or “swap” terms for any foreign currency listed in the Classifier. Until now, banks were allowed to sell investment metals for foreign currency of the 1st Group of the Classifier.

    Third, the NBU has removed restrictions on cashless foreign exchange transactions for individuals other than entrepreneurs.

    These customers will be able to perform cashless transactions with foreign currency held on their accounts without any limitations as to the group of the Classifier and the number of such transactions per day. Until now, individuals were allowed to perform such transactions only with foreign currency of the 1st Group of the Classifier and with only once per day.

    Banks will convert foreign currency cash into non-cash foreign currency for individual customers without any limitations as to the group of the Classifier.

    The amendments to this effect are approved by NBU Board Resolution No. 55 of 15 June 2017 On Amendments to Some NBU Regulations.

    The amendments shall take effect from 26 June 2017.

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    The National Bank of Ukraine eases interbank forex trading controls

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