Ukraine will maintain for now a requirement for firms to sell 50% of their foreign currency income due to delays in loans expected from the International Monetary Fund and lower than forecast forex reserves, the central bank deputy head said.
"The liberalization plan is tied to certain macroeconomic conditions," Deputy Central Bank Governor Oleh Churii told a briefing on Monday, as reported by Reuters.
"We have a certain delay in cooperation with the IMF," he added.
Read alsoPM Groysman says Rada should cancel taxation of Ukraine's top universitiesAs UNIAN reported earlier, the regulator announced further easing of administrative restrictions on the currency market, established in 2014-2015 to stabilize the exchange rate of the national currency, with the proviso that full currency liberalization is possible after the entry into force of a new law on currency and the introduction of effective tax legislation in Ukraine.
Today, a number of NBU restrictions are still being applied to citizens and businesses, including the compulsory sale of 50% of currency proceeds, the advance transfer of hryvnias to buy foreign currency at the request of customers, and limitation on the purchase of cash currency by individuals in the equivalent of UAH 150,000, or $5,367 at the current forex rate, per day.
