NBU’s Resolution No.34

The National Bank of Ukraine has banned the banks to discontinue supervision over export transactions made by clients providing the documents that prove the termination of obligations through offsetting, having enacted the rule for mandatory sale of 100% currency proceeds, NBU’s resolution No.534 dd. August 28, 2014 says. This resolution comes into force starting from the date of publishing in the official gazette; the date is set for August 29, 2014, Forbes-Ukraine (Forbes-Україна) reports.

“In view of the fact that the enactment for mandatory sale of 100% foreign currency proceeds received from abroad in the interbank market of Ukraine is to be brought into force, the listed banks cannot stop taking the control over export transactions of their clients based on the documents confirming the termination of obligations through offsetting”, – the resolution says.

The National Bank underlines that foreign currency proceeds from export transactions performed by the clients of the bank are to be sold in full. The regulator has imposed the obligation on the banks to submit a detailed report on total amount of foreign currency subject to mandatory sales next business day following the day they are received, within two hours after closure of the system of contract confirmation in the Ukraine’s interbank market. 

According to the resolution, the detailed report to be filed by the banks should contain the information on total amount of proceeds and mandatory sales per currency, as well as receipts.

However, if the amount of the transaction exceeds USD 50 ths calculated at the current official rate set by the NBU, the banks are liable to file detailed reports, in particular, stating the identification code, shortened name of a legal person or surname of the entrepreneur, currency code and scope of mandatory sales.