Business welcomes new currency liberalisation package from the NBU

07/ 08/ 2025

The European Business Association welcomes the latest package of currency restrictions easing introduced by the National Bank of Ukraine, which came into force on 6 August 2025. The new set of liberalisation measures reflects the effectiveness of ongoing dialogue between the business community and the regulator, and incorporates several key proposals voiced by the Association throughout 2024 and 2025. Key changes include: Dividends for 2023 – companies can now transfer dividends for 2023 (previously only for 2024), within a limit of EUR 1 million per month. Currency hedging – expanded opportunities for forward contracts without delivery of the underlying asset and for purchasing foreign currency to hedge import-related risks. Return of mistaken transfers – foreign currency funds transferred in error can now be returned within 3 working days. Support for maritime agents – resident maritime agents are now allowed to transfer unused funds to non-resident shipowners. Jewellery industry – permission to purchase banking metals in hryvnia for the production of jewellery. Incentive-based liberalisation – increased investment limits and special conditions for businesses supporting the Armed Forces of Ukraine. The National Bank’s decision to allow resident maritime agents to transfer unused funds abroad to non-resident shipowners fully reflects the EBA’s proposal from 25 February 2025 and resolves a critical issue for Ukraine’s maritime industry. Moreover, the ability to transfer dividends for 2023 is an important step towards businesses that have accumulated substantial amounts of undistributed profits. The return of forward contracts, including those without delivery of the underlying asset, and the option to purchase currency for hedging import operations, respond to long-standing demands of the business community. Additionally, under the incentive-based liberalisation framework, businesses now have expanded opportunities to finance the activities of their foreign representative offices and are permitted to pay for old import deliveries, provided they support the Armed Forces of Ukraine. This creates the right incentives for business. Further business proposals pending consideration: Full liberalisation of old dividends (for the period before 2024). Increase of the dividend limit to EUR 3 million per month. Permission to repay intra-group loan agreements to support servicing of Eurobond obligations. Lifting the requirement for the absence of overdue credit debt. Transfers for non-resident employees in the amount of $15,000–$20,000/month to support their families abroad. Increased limits for corporate cards used outside Ukraine. The European Business Association thanks the National Bank of Ukraine for its consistent and productive dialogue and for taking into account the business community’s needs in the field of currency liberalisation. The EBA’s experts remain ready to continue working together to find balanced solutions that support Ukraine’s economy while safeguarding currency stability.

Key changes include:

Dividends for 2023 – companies can now transfer dividends for 2023 (previously only for 2024), within a limit of EUR 1 million per month.
Currency hedging – expanded opportunities for forward contracts without delivery of the underlying asset and for purchasing foreign currency to hedge import-related risks.
Return of mistaken transfers – foreign currency funds transferred in error can now be returned within 3 working days.
Support for maritime agents – resident maritime agents are now allowed to transfer unused funds to non-resident shipowners.
Jewellery industry – permission to purchase banking metals in hryvnia for the production of jewellery.
Incentive-based liberalisation – increased investment limits and special conditions for businesses supporting the Armed Forces of Ukraine.

The National Bank’s decision to allow resident maritime agents to transfer unused funds abroad to non-resident shipowners fully reflects the EBA’s proposal from 25 February 2025 and resolves a critical issue for Ukraine’s maritime industry.

Moreover, the ability to transfer dividends for 2023 is an important step towards businesses that have accumulated substantial amounts of undistributed profits.

The return of forward contracts, including those without delivery of the underlying asset, and the option to purchase currency for hedging import operations, respond to long-standing demands of the business community.

Additionally, under the incentive-based liberalisation framework, businesses now have expanded opportunities to finance the activities of their foreign representative offices and are permitted to pay for “old” import deliveries, provided they support the Armed Forces of Ukraine. This creates the right incentives for business.

Further business proposals pending consideration:

Full liberalisation of “old” dividends (for the period before 2024).
Increase of the dividend limit to EUR 3 million per month.
Permission to repay intra-group loan agreements to support servicing of Eurobond obligations.
Lifting the requirement for the absence of overdue credit debt.
Transfers for non-resident employees in the amount of $15,000–$20,000/month to support their families abroad.
Increased limits for corporate cards used outside Ukraine.

The European Business Association thanks the National Bank of Ukraine for its consistent and productive dialogue and for taking into account the business community’s needs in the field of currency liberalisation. The EBA’s experts remain ready to continue working together to find balanced solutions that support Ukraine’s economy while safeguarding currency stability.