Business welcomes the settlement of the issue of currency supervision when importing humanitarian aid

04/ 10/ 2022

On September 29, the NBU adopted Resolution No. 211, in which it established additional grounds for exempting purchased humanitarian aid (body armour, helmets, cars) from currency supervision. Thus, the regulator allowed banks to complete currency supervision of compliance with settlement terms for the import of humanitarian aid on the basis of a declaration on the list of goods defined as humanitarian aid and documents confirming the transfer or receipt of such aid by its recipient. The resolution entered into force on October 1 (full text here). The problem of currency supervision over the import of humanitarian aid has finally been solved. Now system charitable funds and volunteers who help the army will be able to work confidently. Besides, by Resolution No. 211, the National Bank enabled companies from October 1 to transfer funds to the accounts of their divisions and branches abroad, which significantly contributes to the recovery of business activities, in particular for companies exporting Ukrainian goods and services. The European Business Association welcomes the gradual lifting of temporary currency restrictions introduced by Resolution No. 18 of the National Bank of Ukraine dated February 24, 2022, and hopes that the regulator will take into account all proposals of the business community on this matter in the near future. At the same time, the issues of increasing the limits on non-cash payments for goods and services abroad with the use of hryvnia corporate payment cards, removing currency restrictions to ensure the possibility of reinsurance with non-resident insurers, providing the opportunity for corporate issuers of public debt to buy foreign currency in Ukraine and transfer it abroad to ensure the fulfillment of obligations to external creditors, etc. All suggestions of the EBA community were forwarded to the NBU and we sincerely hope that they will also be taken into account.

On September 29, the NBU adopted Resolution No. 211, in which it established additional grounds for exempting purchased humanitarian aid (body armour, helmets, cars) from currency supervision.

Thus, the regulator allowed banks to complete currency supervision of compliance with settlement terms for the import of humanitarian aid on the basis of a declaration on the list of goods defined as humanitarian aid and documents confirming the transfer or receipt of such aid by its recipient. The resolution entered into force on October 1 (full text here).

The problem of currency supervision over the import of humanitarian aid has finally been solved. Now system charitable funds and volunteers who help the army will be able to work confidently.

Besides, by Resolution No. 211, the National Bank enabled companies from October 1 to transfer funds to the accounts of their divisions and branches abroad, which significantly contributes to the recovery of business activities, in particular for companies exporting Ukrainian goods and services.

The European Business Association welcomes the gradual lifting of temporary currency restrictions introduced by Resolution No. 18 of the National Bank of Ukraine dated February 24, 2022, and hopes that the regulator will take into account all proposals of the business community on this matter in the near future.

At the same time, the issues of increasing the limits on non-cash payments for goods and services abroad with the use of hryvnia corporate payment cards, removing currency restrictions to ensure the possibility of reinsurance with non-resident insurers, providing the opportunity for corporate issuers of public debt to buy foreign currency in Ukraine and transfer it abroad to ensure the fulfillment of obligations to external creditors, etc. All suggestions of the EBA community were forwarded to the NBU and we sincerely hope that they will also be taken into account.