According to the amendments, the banks will be able to conduct currency transactions based not only on the original documents, but also on their copies – UNIAN reports.

As the part of debureaucratization of currency regulation, since November 2, the National Bank of Ukraine simplifies the use of foreign currency in the activities of insurance companies.

According to the message on NBU site, the relevant amendments to the Regulation on Using Foreign Currency in Insurance Activities are introduced by NBU Board Resolution №398 dated November 1, which come into force since November 2, 2016. According to the amendments, NBU cancelled the requirement on the compulsory provision of the translation of documents, drafted in English. In future, such translation will be provided only if it is required in the bank, providing control over the transactions.

According to the amendments, the banks will be able to conduct currency transactions based not only on the original documents, but also on their copies. Both original documents and their copies will be accepted in soft and in hard copy. It will allow speeding up the servicing of clients while banks conduct currency transactions, automating document processing and storage processes, reducing the excessive load on the bank clients on the documentation of currency transactions.

In addition, NBU simplified the requirements for the documentation of copies, required for currency control in insurance activities. Until now, the copies of certain documents had to be notarized. Now, it will be allowed to accept the copies of such documents, certified directly by the bank client. It will be also allowed to certify the translations of such documents not only notarially, but also by the client. “Such measure will further the significant reduction of administrative expenses of insurance companies. Instead of this, now they will be able to use the released funds for pick-up in economic activity”, - according to the message. As UNIAN reported, the National Bank of Ukraine announced about the liberalization of administrative restrictions on the currency market, established within 2014-2015 for stabilization of the national currency rate.