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LETTER OF GENERAL DEPARTMENT OF MONETARY POLICY OF THE NATIONAL BANK OF UKRAINE

of October 16, 2013 No. 29-209/17998

Territorial administration of the National Bank of Ukraine, 

to banks of Ukraine, Association of the Ukrainian banks, 

 "Ukrainian Credit Banking Association" associations, 

Independent banking association of Ukraine

Explanation of rather practical application of separate requirements of the regulatory legal act of the National Bank of Ukraine

Due to the requests of banks of rather practical application of separate requirements of the resolution of Board of the National Bank of Ukraine of 16.09.2013 No. 365 "About procedure for receipt of funds in foreign currency on current accounts of physical persons within Ukraine" -1 (further - the Resolution No. 365) the National Bank of Ukraine provides the following explanations.

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 - 1 It is registered in the Ministry of Justice of Ukraine of 16.09.2013 for No. 1592/24124.

 

1. About possibility of transfer of funds in foreign currency for current accounts of employees of foreign missions in foreign currency within Ukraine

According to rules of international law and modern international practice the staff of diplomatic representations, consular establishments of foreign states in Ukraine and representative offices of the international organizations in the territory of Ukraine is allocated number of privileges and immunities.

Together with it the existing international agreements of Ukraine are subject to fair observance by Ukraine according to rules of international law (article 15 of the Law of Ukraine "About international treaties of Ukraine").

At the same time belonging to persons using privileges and immunities according to the legislation of Ukraine and international treaties of Ukraine makes sure documents which are issued by the Ministry of Foreign Affairs of Ukraine (further - the Ministry of Foreign Affairs of Ukraine) according to the procedure, determined by Regulations on accreditation of staff of diplomatic and consular establishments of foreign states, the international organizations and their representations, other foreign organizations-2 .

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- 2 It is approved by the order of the Ministry of Foreign Affairs of Ukraine of 13.01.2003 No. 11 and registered in the Ministry of Justice of Ukraine of 28.01.2003 at No. 62/7383.

Considering the above, we note that requirements of the Resolution No. 365, which established new procedure for receipt of funds in foreign currency on current accounts of physical persons within Ukraine do not extend to transactions by calculations of diplomatic representations, consular establishments of foreign states in Ukraine and representative offices of the international organizations in the territory Ukraine with own employees if the last are not citizens of Ukraine or do not live in it constantly and are accredited in the Ministry of Foreign Affairs of Ukraine.

2. About possibility of transfer of funds in foreign currency for the current account of physical person (the resident or the nonresident) in foreign currency according to the gift agreement of currency values

Transfer of receipts in foreign currency within Ukraine on the current account of physical person (the resident or the nonresident) in foreign currency is performed only according to the gift agreement of currency values certified notarially.

3. About fulfillment of requirements of Item 2 of the Resolution No. 365 regarding transfer of hryvnia equivalent from sale of foreign currency which was transferred to the current account of physical person (the resident or the nonresident) in foreign currency within Ukraine, in case of absence at this physical person of the opened current account in national currency

If the physical person - the receiver of the translation has in authorized bank of accounts in foreign currency and was identified by bank, then the authorized bank for implementation of transfer of hryvnia equivalent from sale of receipts in foreign currency opens for such physical person the current account in national currency. The conclusion of bank account agreement in hryvnias is performed in case of the first appeal of such person to bank.

If the physical person - the receiver of the translation has no in this bank of accounts and was not identified by bank, then the authorized bank enlists hryvnia equivalent from sale of receipts in foreign currency to such physical person into the separate analytical account of the balance sheet account 2909 "Other Accounts Payable on Transactions with Clients of Bank" until the appeal of physical person to bank for opening of the current account in hryvnias.

4. About terms of implementation of money transfer in foreign currency within Ukraine

Terms of implementation of the translation are determined by article 8 of the Law of Ukraine "About payment systems and money transfer in Ukraine" (further - the Law).

According to Item 8.4 of article 8 of the Law interbank transfer is carried out till three operational days. Intrabank transfer is carried out in time, established by internal regulations of bank, but cannot exceed two operational days.

Thus, initiation of the transfer in foreign currency within Ukraine, sale of this foreign currency for hryvnias and the subsequent transfer of hryvnia equivalent on the current account of the receiver of the translation is performed taking into account requirements of article 8 of the Law.

5. About possibility of replenishment by cash foreign currency of the current account of physical person (the resident or the nonresident) in foreign currency the authorized representative

According to Article 239 of the Civil code of Ukraine the transaction made by the representative creates, changes, stops the civil laws and obligations of person who it represents.

So, the representative by proxy who is certified notarially has the right to contribute cash foreign currency on the current account in foreign currency of physical person (the resident or the nonresident) whom it represents.

Director of General department of monetary policy        

A. A. Scherbakova


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