The national Bank of Ukraine (NBU) has simplified for business, the implementation of advance payments for imports in foreign currency. NBU cancels are no longer relevant and effective for the stabilization of the foreign exchange market requirement, the press service of the regulator.
Until now, banks were required to make an advance payment in foreign currency for import of goods under foreign economic contract whose total value exceeds $5 million (in equivalent), exclusively using letters of credit. From now on, to make advance payments in such cases it will be possible without the use of letters of credit.
The new simplified procedure will contribute to further revival of foreign trade and however, will create additional pressure on the foreign exchange market, according to the NBU.
The relevant amendments were approved by the NBU resolution No. 118 dated November 21, 2017 and come into force from November 23.