A reduced threshold for the mandatory
sale of foreign currency; now 65% from 75%
Dividends payable for year 2014-2015
to be paid to foreign investors abroad.
This is obviously very welcome news for foreign investors, local
entities and Ukrainian nationals. The positive commodities price
trend and increasing flow of foreign currency into the Ukrainian
economy has allowed the National Bank to gradually lift
restrictions put in place two years ago, to address the economic
Pay-outs to foreign investors are possible from Monday
13 June 2016. They are limited to either of the following
upper amounts (whichever is higher):
equivalent of USD 1m per month
10% of the total dividends payable,
but not more than the equivalent of USD 5m per month.
A company can purchase/transfer foreign currency for the purpose
of cross border dividend repayment via a single authorised bank
(chosen by the company). A change of authorised bank may be allowed
with the relevant official letter.
Unlimited withdrawals of cash in
local currency at the cash desks (previously the upper limit was
UAH 500K per customer per day).
The limit for withdrawal of cash in
foreign currency from current or deposit accounts has been doubled
to the equivalent of UAH 100K per customer per day (previously a
limit of UAH 50K).
The upper limit for the sale of
foreign currency to individuals is doubled from the previous UAH
6K, to the equivalent of UAH 12K per customer per day.
The rules introduced in this latest decree remain valid until 14
September 2016. At this point the National Bank shall either
confirm the existing rules, or introduce new regulations with in a
15 September 2016 decree.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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