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National Bank Eases Currency Restrictions

Thursday, 28 July 2016, 17:52

The National Bank of Ukraine (NBU) extended the deadline for export-import payments and eased the conditions for payments for import contracts, Finclub cites NBU Chief Valeriya Hontareva.

Specifically, the NBU will extend the deadline for export-import payments from 90 to 120 days and change the conditions for payments of import contracts. "So far, banks were only able to settle accounts with a letter of credit if the contract value exceeded $500,000. From now on, this requirement is only applied to contracts worth over $1 million," Hontareva asserted.

According to her, these measures aim to ease conditions of foreign trade for Ukrainian companies and contribute to a more stable foreign currency market.


Source: Ekonomichna Pravda