OREANDA-NEWS. On June 16, 2014, the National Bank of Ukraine Board passed Resolution No. 360 amending some previous NBU regulations. The resolution was registered by Ukraine's Ministry of Justice on July 3, 2014, as No. 733/25510 ("Resolution No. 360").

Resolution No. 360 amends the Regulation on the procedure and terms of foreign currency trading to include an expanded list of documents confirming the sources of origin of hryvnia, based on which nonresident individuals may purchase foreign exchange in the interbank foreign exchange market of Ukraine. This will allow individuals moving overseas to live outside of Ukraine permanently to purchase foreign exchange by using funds in the national currency held in the checking (savings) accounts that these individuals have opened to obtain nonresident status.

By virtue of Resolution No. 360, the rules governing the functioning of the National Bank of Ukraine's System of Confirming the Agreements in the interbank foreign exchange market of Ukraine and the transfer of funds (crediting funds) for certain transactions in foreign exchange and banking metals have been amended to repeal the provision that envisages the imposition of restrictions on the operation of those banks that are involved in the rigging of the interbank foreign exchange market turnover or foreign currency exchange rates. The above-mentioned decision was made in view of the fact that the monetary policy conducted in the context of a transition towards an inflation-targeting framework envisages the imposition of temporary administrative measures on foreign exchange market players.

Resolution No. 360 will help create transparent conditions for performing transactions in the interbank foreign exchange market of Ukraine.

Resolution No. 360 comes into force on the day of its official publication (It is being prepared for publication in the information bulletin "Ofitsiyniy Visnyk Ukrayiny" ("Official Herald of Ukraine") on July 22, 2014.