The National Bank of Ukraine (NBU) intends to permit individuals to conduct financial transactions abroad within a certain limit. The NBU has planned to set up the currency upper limit for the investments abroad by individuals and liberalize the procedure for obtaining licenses for their implementation, Deputy NBU Governor Oleh Churiy has told Interfax-Ukraine.
To avoid bureaucratization of the process, monitoring the compliance of the limits will be performed by commercial banks, and this system should be fully automated. Also, according to Oleh Churiy the process of the system development can be initiated before the adoption of the Law “On Currency”.
The draft law text is being prepared by the draft office of the NBU and is supported by the European Commission.
As reported, the draft law will be presented in the first quarter of 2017.