Currency transfers by individuals exceeding the equivalent of 150,000 UAH will be converted into hryvnia

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Currency transfers by individuals exceeding the equivalent of 150,000 UAH will be converted into hryvnia

The NBU Resolution was officially published on November 17 and comes into force on November 27. According to Resolution No. 476, for a period of six months a requirement is established for the mandatory sale on the Ukrainian interbank foreign exchange market of receipts …

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The National Bank intends to convert individuals’ transfers into hryvnia

NBU Resolution dated 16.11.2012 No. 476

The NBU resolution was officially published on November 17 and comes into force on November 27. According to Resolution No. 476, for a period of six months a requirement is established for the mandatory sale on the Ukrainian interbank foreign exchange market of receipts from abroad in foreign currency in favor of individuals (residents and non-residents) in an amount equal to or exceeding the equivalent of 150,000 UAH per month. The mandatory sale requirement applies to receipts in foreign currency of the 1st group of the Classifier of foreign currencies, and in Russian rubles. The authorized bank is obliged to preliminarily credit funds received from abroad as transfers in foreign currency in favor of individuals to a separate analytical account of balance account 2909 “Other liabilities to clients of the bank” (hereinafter – the analytical account).

The authorized bank is required to carry out the mandatory sale of receipts in foreign currency in accordance with the requirements of this resolution:

  • without the client’s instruction;
  • no later than the next business day after the day such receipts are credited to the analytical account.

The bank credits the hryvnia equivalent to the recipient’s current account no later than the next business day from the day the mandatory sale is carried out.