OREANDA-NEWS. August 30, 2012. The National Bank of Ukraine announces that NBU Board Resolution No 308 of 19 July 2012 “On the Introduction of Amendments to Some Regulations of the National Bank of Ukraine” was registered with the Ministry of Justice of Ukraine on 9 August 2012 under No 1352/21664 (hereinafter referred to as Resolution No 308).

Resolution No 308 introduces amendments, in particular, to the Regulation on the Procedure and Conditions for Foreign Currency Trading (hereinafter referred to as the Regulation), approved by NBU Board Resolution No 281 of 10 August 2005 registered with the Ministry of Justice of Ukraine on 29 August 2005 under No 950/11230 (amended), which are intended to streamline foreign currency trading rules.

The Customs Code of Ukraine, which came into force on 1 June 2012, established a legal framework for a wide use of electronic declaration of goods by the entities engaged in foreign economic activity. In view of the above, the amendments to the Regulation are intended to simplify the rules governing the purchase and exchange of foreign currency under current trade transactions to be conducted based on information derived from the electronic register of customs declarations. The entities engaged in foreign economic activity are no longer required to submit hard copies of customs declarations to the authorized banks. These amendments are designed to promote the implementation of the system of e- declaration of goods as an integral part of the multifunctional complex system “Electronic Customs” and help reduce the number of documents submitted by customers to the authorized bank.

Banks’ clients (legal entities and private individuals engaged in business activities) will purchase, exchange foreign currency for the purpose of settlements according to the trade operations through one market entity under each foreign economic agreement signed with a non-resident entity. Resident shall have the right to transfer a relevant foreign economic agreement for servicing to another market entity. Simultaneous servicing of foreign economic agreement at several banks is not allowed.

Given the aforementioned information, the National Bank of Ukraine in its letter as of 16.08.2012 No. 29-113/8242 recommended the authorized banks to inform the clients about changes in the procedure of purchasing, exchanging foreign currency under current trade operations and secure appropriate transfer of foreign economic agreements for servicing to one market entity at their discretion.

Besides, amendments to the Regulation stipulate that in case of non-fulfillment of all requirements to the order of forming and keeping obligatory reserves for a relevant reserve reporting period the authorized bank shall not have the right to conduct its own operations on purchase of foreign currency during the following calendar month.

Regulation No. 308 shall take effect on 23 August 2012, since the date of its publishing in the official publication of regulatory and legal acts "Ofitsiinyi Visnyk Ukrainy" No 62.