: :inin Kyiv (EET)

NBU may lift ban on dividend repatriation subject to renewed cooperation with IMF


Governor of the National Bank of Ukraine (NBU) Valeriya Gontareva says the regulator is planning to lift the ban on repatriation of dividends following the results of evaluation of their volumes and after cooperation with the International Monetary Fund (IMF) is resumed.
The NBU governor also assumed that the NBU would be ready this year to meet businesses` demand for foreign currency to carry out dividend payments for 2014-2015.
”We are processing information from banks regarding the accumulated dividends for 2014-2015. These are not large amounts of dividends since those years have not been the most profitable years for business. Therefore, we hope that we will be able to meet all demand this year,” Gontareva said.
As UNIAN reported earlier, the NBU announced further measures to liberalize administrative restrictions on the local forex market after new IMF loans would arrive in Ukraine. In particular, the regulator announced plans to lift the ban on repatriation of dividends following the evaluation of their volumes.
The current restrictions on the forex market include a limitation on the withdrawal of hryvnias at banks` cash desks and ATMs in the amount of UAH 500,000 (about $19,840 at the current forex rate) in hryvnias and UAH 50,000 ($1,984) in the foreign currency equivalent per one client per day. Individuals are allowed to buy cash foreign currency in the equivalent of UAH 6,000 (about $238) per day. Other restrictions are the mandatory sale of 75% of exporters` foreign currency earnings, a 90-day limit on the return of advance payments on agreements on imports, a ban on early repayments of loans by residents to nonresidents, a ban on the return of investment and transfer of dividends to foreign investors. What is more, Ukrainian banks should secure the NBU`s consent for the purchase of foreign currency if its sum exceeds $50,000 in the equivalent.

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