NBU simplifies procedure for return of investment

Wednesday, May 25, 2016 - 10:30 (EEST) Section: Latest news

The National Bank of Ukraine (NBU) has simplified the procedure for the return of foreign investments in Ukraine, eliminating a requirement for an investor to submit an extract (statement) to the bank on the actual incoming of foreign currency in Ukraine or the documents confirming the investment contribution by means of reinvestment, with corresponding resolution No. 331 coming into force May 25.
As reported, the regulator has also simplified the procedure for issuing permits to conduct foreign exchange transactions.
To conduct foreign exchange transactions customers are not required to submit publicly available documents, including extracts from the Unified State Register and a copy of the certificate of the subject of assessment`s operations issued by the State Property Fund of Ukraine.
In addition, customers are not required to provide translation of SWIFT messages and documents that are set out both in foreign and Ukrainian (Russian) languages.
Besides, the NBU has simplified foreign exchange transactions under loan agreements concluded between residents and international financial institutions, upon the European Bank for Reconstruction and Development`s proposal. Thus, the banks will not apply additional risk control measures with regard to transactions carried out under such agreements.
As UNIAN reported earlier, the National Bank of Ukraine continued gradual liberalization of temporary anti-crisis restrictions on the foreign exchange market, introduced in 2014-2015. From May 11, it abolished the compulsory sale of currency for implementing foreign investments in Ukraine. Also, the regulator has reduced by one day a period of booking by authorized banks of the hryvnia funds for the purchase of currency on behalf of customers, and now the purchase of currency will be available on the third business day (T + 2 mode).
The regulator announced further easing of administrative restrictions on the foreign exchange market after the resumption of cooperation with the International Monetary Fund. In particular, the regulator announced plans to lift the ban on repatriation of dividends based on the results of evaluation of their volumes.