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Law «On Currency and Foreign Exchange Transactions», adopted by the Verkhovna Rada and signed by President Petro Poroshenko and liberalizing circulation of currency, will come into force on February 7th, 2019.
As the text of the law published on the parliament’s website states under the new rules, banks will be able to conduct currency transactions without additional licenses, business – to receive loans from non-residents without their registration, and citizens – to invest abroad without individual NBU licenses.
In addition, the new law abolishes the exchange control of small settlements, leaving only the current financial monitoring of transactions in the amount of 150 thousand UAH.
According to the law, financial market regulators, including the National Bank, the National Commission on Securities and the Stock Market and the National Commission for Regulation of Financial Services Markets, should bring their regulatory acts in line with this new law and publish them no later than 30 calendar days before the day of accession law into force.
As «Journalist» reported the National Bank explained why the hryvnia devaluated 14 times.
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