You're reading: Economy, Finance Ministries develop roadmap for forex restriction liberalization

The Ministry of Economic Development and Trade at a meeting about liberalizing forex regulation with the participation of representatives of the National Bank of Ukraine (NBU) and the Finance Ministry reached an agreement to develop a roadmap for minimizing bureaucratic obstacles.

According to a report on the website of the ministry, the meeting was chaired by First Vice Prime Minister, Minister Economic Development and Trade Stepan Kubiv on the initiative of the ministry, which was supported by Prime Minister Volodymyr Groysman at a cabinet meeting on April 27.

Participants at the meeting discussed the simplification of investment abroad, liberalization of currency regulations, the obligatory sale of foreign currency earnings, the return of foreign exchange earnings and simplifying banking procedures.

The ministry said the NBU had already taken some steps to mitigate requirements for the mandatory sale of foreign currency earnings and liberalization of currency regulation with the aim of returning dividends to foreign investors.

As reported, the NBU by decree No. 140 dated March 3, 2016 (valid until June 8, 2016) once again extended major foreign exchange restrictions, but increased the daily limit on the sale and withdrawal of foreign currency from ATMs.