- New NBU “Anti-crisis” Measures
- January 9, 2015
- Law Firm: Dentons Canada LLP - Toronto Office
New Resolution No. 758 of the Board of the National Bank of Ukraine dated 1 December 2014 (the “Resolution”) enters into force as of 3 December 2014. This Resolution was adopted to replace the earlier “anti-crisis” Resolution of the NBU No. 540 dated 29 August 2014, as amended, which now expires.
The Resolution prolongs the effect of number of temporary restrictions on currency exchange transactions and other transactions in the currency market—introduced earlier by the NBU—as well as introduces several new restrictions. Among others, the Resolution introduces the following changes:
- New exceptions were introduced with respect to the rule, which prohibits early repayment under the loan agreements between Ukrainian borrowers and foreign creditors. Now this rule doesn’t extend to the cases of early payments under the loan agreements, which are to be concluded in respect of the existing loan agreements and under which the later repayment date is foreseen.
- The issue of the inscribed savings (deposit) certificates nominated in national or in foreign currency is permitted with a term of circulation not less than six months. Meanwhile the issue of the bearer’s savings (deposit) certificates remains suspended.
- The previously imposed restrictions, with respect to the transactions in foreign currency, are extended with some amendments. In particular, it is prohibited to settle payments on the basis of the individual licenses issued by the National Bank of Ukraine. This is not applicable to settlements under the individual licenses issued by the National Bank of Ukraine to legal entities for placement of currency valuables at off-shore accounts and for payments in foreign currency outside of Ukraine by the resident-guarantor (surety) in respect of the obligations, secured by the guarantee (suretyship) under the loan agreement provided by the international financial organization or foreign export credit agency.
Please note that all of the above restrictions are in effect until 3 March 2015.