Crediting Foreign Exchange to Individual Accounts to Be Eased
On14 April 2016, the resolution adopted by the National Bank of Ukraine (NBU) No. 256 of 12 April 2016 took effect to amend the procedure for crediting foreign currency funds to current accounts of individuals in Ukraine approved by the NBU resolution No. 365 of 16.09.2013. Specifically, the regulator has extended the range of transactions for foreign currency inflows to current accounts held by individuals within Ukraine’s borders. Previously, other foreign currency proceeds arriving in individual accounts in Ukraine such as interests accrued on remaining balances on current or deposit accounts; funds transferred by individuals between their accounts; cash funds placed by account holders to their accounts, had to be sold by the bank at the interbank foreign exchange market of Ukraine and further credited to the respective beneficiary accounts in the hryvnia equivalent. From now on, the National Bank of Ukraine has provided more opportunities for individuals to have foreign currency credited to their current accounts in Ukraine from other sources, having added up the list of eligible transactions by the following:
- funds received from relatives in non-cash form (as a reminder, the notion “relatives” applies to fathers, mothers, stepfathers, stepmothers, sons, daughters, stepsons, stepdaughters, grandmothers, grandfathers, great-grandmothers, great-grandfathers, grandchildren, great-grandchildren, brothers, sisters (blood or non-blood siblings), cousins, aunts, uncles, nieces, nephews, adoptive parents, adopted children, guardians or custodians, wards, husbands, wives);
- funds received under court decisions or under enforceable decisions of other public authorities (officers);
- funds received under transactions in foreign securities which are duly listed in Ukraine, including yieldpayment on such securities (dual listing).