Sale of foreign currency revenues  

Officials are looking for new tools of influence on the monetary market. Monetary tightening requirements for legal entities as importers and ordinary citizens. Law N5480-VI, which entered into force on November 17, amended the Commercial Code and the laws on the National Bank, the traders and on the procedure of payments in foreign currency.

The document provides for the right of the National Bank temporarily (for up to 6 months) to introduce rules on the compulsory sale of foreign exchange earnings for the benefit of residents of Ukraine, as well as change the terms of the settlement of transactions on exports and imports of goods. The official purpose of the document - the stabilization of the foreign exchange market and the balance of payments equilibrium.

Regulations of the National Bank were not long in coming. Thus, according to the decision of the NBU N475, calculations on export and import of goods should be made within a period not exceeding 90 calendar days. Thus, the National Bank reduced the return of foreign exchange earnings from 6 to 3 months. And within six months from the entry into force of the decree N476 (27 November 2012), currency translation of $ 150 thousand UAH. and above will be converted to hryvnia exchange rate and interbank transfer to the current account of the recipient. In addition, Resolution N479 National Bank establishes the requirement for legal entities to sell 50% of foreign exchange earnings, and in 6 months, effectively duplicating the provisions of N5480-VI.

Experts believe that such requirements may adversely affect the business exporters: companies engaged in transactions of exports and imports, will lose part of the proceeds in foreign currency. In addition, the reduction of foreign exchange earnings enrollment increases their risk of violations and, as a consequence, the financial sanctions.