Experts on the new law on foreign currency operations that will give the ukrainians the lifting of currency restrictions the quebec telegram gas utility

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This year in Ukraine may change the rules of currency regulation — to do this, the Rada had to adopt the law “On currency,” which the deputies adopted in the first reading. It will take effect 6 months after adoption and, according to experts finrynka, it will lead to rules on the handling of currency to the European norms both for legal entities and for individuals. At the same time, some experts fear the outflow of currency from Ukraine and the devaluation of the hryvnia, reports Rus.Media.

If the law is adopted, when conducting foreign exchange transactions ordinary Ukrainians will be allowed everything that is not prohibited by law (for example, buying shares of foreign companies, opening of Bank accounts in other countries without a license of the NBU — now every operation enables or disables the national Bank). That is, they do not need to submit a large package of documents and wait for a few weeks, the risk that the Bank will not approve them.

Another innovation: the law will abolish the currency control of operations on purchase and transfer currency in the amount of 150 thousand UAH. equivalent and also extend the maximum period for the settlement of transactions of exports and imports of goods for more than 180 days. Exporters will not need to sell the proceeds, and buy the currency, not tied to a specific export contract.

Important point — as to natural persons and legal entities will not have to register with the NBU attracted from abroad loans. And there are only two types of licenses for foreign exchange operations: banking (including foreign exchange) for Bank and currency for non-Bank financial institutions (exchange offices).

“We’re going to the free movement of capital, remove many restrictions, which today is inefficient and deters foreign investment. Every Ukrainian will be able to transfer any amount abroad without a license. The law will not have a negative impact on the market situation,” — said resin.

“The law arranged everything in a dozen regulatory documents, reducing them to one, — said the President Ukranalittsentra Alexander Ohrimenko. — But in fact little has changed, the regulator, as before, holds under control the foreign exchange market. Easier individuals to work with investments abroad, but it will not lead to an outflow of currency from the country. In 2017, when individuals were allowed to export without a license of up to 50 thousand UAH according to NBU, for the year abroad by individuals invested only $3.5 million is very little, to the Ukraine during this time came only from workers in excess of $7 billion.”

Bankers have more doubt. Thus, the ex-head of “Ukrgasbank” Vasyl Horbal fears that the entry into force of the law can disturb the financial stability of the currency market in Ukraine, because it largely rests on constraints and requirements of the national Bank. For example, in terms of return of foreign currency proceeds (180 days) for the exporters that the law provides to cancel.

However, he did not rule out the outflow of foreign currency after the adoption of the law. But since Ukraine has committed to bring our domestic laws to European standards, that, in his opinion, authorities should work to improve the investment climate to capital, as our and foreign, do not run away from Ukraine and sought to her.

Financiers confirmed its forecast stability of the hryvnia in the next three months. So, according to Okhrimenko, this will help the national Bank, which by the autumn it is necessary to accumulate the currency for payments on foreign loans.

“In the last 2 years in the summer, the hryvnia strengthened: it is not necessary to spend currency on gas imports, increase the sales of export revenue for the farmers who need the hryvnia to prepare for the sowing of winter crops and the harvest. By mid-summer the course will be in the range of 25.7—26.2 UAH/$”, — he said.